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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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May 2, 2016: Merger mania turns to merger cancel mania, with about one-fifth of all previously-announced big mergers now being called off in 2016.

IN THIS ISSUE OF FIXED INCOME WEEKLY:

  • The business cycle looked to be turning negative based on 1Q 2016 GDP, but what we’re really looking at is a return to trend consumer spending and some bad news with cyclical inventories.
  • TIPS’ relative performance has been particularly volatile in the last several quarters, and returns are highly contingent upon entry point, not long term investment themes.
  • Several announced mega-mergers have been derailed prior to consummation, with the total of cancelled mergers exceeding $230 billion thus far in 2016.
  • The annual release of cigarette consumption data might be bad news for our nation’s health, but it’s good news for tobacco bonds.

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