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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.JPGScotland the Brave: Thursday will be the big day for the UK; Wednesday for the US with the FOMC meeting dominating investors' thoughts. Click here to read more.


  • Scotland is slated to vote for independence on Thursday, and while the UK economy can manage without the highlands, an "aye" vote could send a negative signal to other culturally-independent areas of Europe.
  • The FOMC's Sept. meeting will be held this week and include the first look at Fed 2017 rate forecasts, plus a likely change in the Fed's forward guidance language.
  • Despite a return of the primary market so far this month, floating rate note issuance has had a poor showing compared to 1H 2014, as investors likely changed their investment objectives in response to a lack of rising rates.
  • California, Illinois, and New Jersey's credit ratings are the lowest of the States, but the stories of these three entities are different, reflected in spread levels of their most actively traded municipal bonds.