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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.JPGFebruary 23, 2015: It’s a big week on tap with figures on US inflation
as well as Congressional testimony from Fed
Chair Janet Yellen. Click here to read more.

IN THIS ISSUE OF FIXED INCOME WEEKLY:

  • One reason for the divergence between US and EU inflation is optics: when we adjust to make the two regions’ CPI indices more similar, about half of the inflation differential disappears.
  • Janet Yellen will appear before Congress Tue/Wed of this week, with topics to include moving towards truly “data dependent” and dodge and parry over the “Audit the Fed” bill.
  • With 4Q 2014 earnings season nearly over, the results were a little lower than typical expectations, with lowish topline sales growth, particularly in the energy and financial sectors.
  • The ratings agencies have been tough on Puerto Rico bonds of late, including downgrades for the GOs and for COFINA sales tax debt, the latter of which lost its last investment grade rating.