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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.


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.


  • 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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