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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.

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July 25, 2016: The Bank of Japan meeting on Friday may prove to be the seminal monetary policy event of the summer, though hopes are very high.

IN THIS ISSUE OF FIXED INCOME WEEKLY:

  • The Bank of Japan has taken up the mantle as the most significant central bank for global financial markets, and movement in the Yen accounts for 48% of 10-period ahead movement in Treasury yields.

  • Fed officials will meet for the July FOMC, with a decision on Wednesday that we expect will come in marginally more hawkish than did the June FOMC decision.

  • The risk on theme has supported corporate bond valuations in the last several weeks, the bull case would put credit spreads on target to retest June 2014 tights.

  • Pennsylvania’s credit situation has been improving in the last several months while Connecticut’s has been deteriorating, yet PA spreads are unchanged while CT’s are tightening.

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