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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.

August 29, 2016: Jackson Hole has come and gone, now we’re just one payrolls report away from a slide into the Labor Day weekend.


  • The Fed’s Jackson Hole Symposium featured a far-reaching discussion of potential tools for stimulus in the next downturn, but no real consensus of which to use in which economies.
  • In terms of interest rate impact, Friday’s Jackson Hole Yellen speech hinted at sooner rate hikes but possibly shallower trajectory for policy intermediate-term.
  • Three big themes to look for in the remaining one-third of 2016 are the continued Fed policy discussion, M&A activity, and the federal election cycle.
  • Pennsylvania Turnpike Commission has six classes of muni debt outstanding, and the issuer has been used to finance non-turnpike projects in recent years.


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