Investors can buy duration safely as Fed will remain on hold, says Allspring's George Bory

• Fed has established credibility and anchored the long end of the bond market, but the front end shows significant dispersion in expectations.
• Bory believes the Fed will remain on hold for the rest of the year, following data rather than providing explicit forward guidance.
• Investors can safely buy duration, especially around the 5-year part of the curve, as yields are elevated.
• Identifies tremendous value in the municipal bond market, particularly on a tax-advantaged basis.

George Bory of Allspring Global Investments discusses the Federal Reserve's likely path, suggesting they will remain on hold for the rest of the year due to established credibility and evolving data. He recommends investors consider buying duration, particularly in the 5-year part of the curve, and highlights value in the municipal bond market.