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Fixed Income Weekly Market Commentary

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This commentary, published by Janney Fixed Income Strategy & Research, covers key occurrences in economics, interest rates, agencies and corporates, and municipal bonds from the preceding week.

FI-Weekly-Header.JPGApril 20, 2015: Cracks continue to emerge in specific states’ credit quality, as evidenced by the pension triggered Moody’s downgrade of New Jersey Click here to read more.

IN THIS ISSUE OF FIXED INCOME WEEKLY:   

  • The weather has been blamed for nearly ever negative economic data point over the last three months—but it turns out winter 2015 wasn’t actually that bad, meaning that consumer spending growth was just plain ol’ sluggish.

  • Parallel shifts in the yield curve are rare occurrences, but non-parallel shifts such as the one we’re anticipating, can provide a great deal of information about future economic prospects.

  • Credit spreads are drifting back towards cycle tights reached last summer, aided by inflows of foreign dollars into the US as well as stable oil prices and generally benign credit fundamentals.

  • New Jersey faced another ratings downgrade, the third Moody’s cut in four years, predominately on pension problems.