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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.JPGMay 18, 2015: It’s the last week before the unofficial kickoff of summer and rates are near the high side of their 2015 year to date range. Click here to read more.


  • GDP trackers such as the Atlanta Fed’s GDPNow estimate provide valuable information on short term economic conditions, though tracers by definition have limits.

  • It’s been fifteen months since we put forth our first argument on an “equilibrium” fed funds rate below 3% driving long term yields lower; we revisit that thesis in light of the recent long end selling.

  • A stronger dollar—the recent counter-trend selloff aside—continues to impair the profitability of US-based corporations that earn significant revenue in overseas markets.

  • Chicago was downgraded last week, including a cut to below investment grade by Moody’s, and while comparisons with Detroit are tempting, Chicago’s economic vibrancy negates the worst of the links.