December 31, 2020 | Credit prices continued to improve in December closing out a concerning year for public health yet a remarkable year for financial markets . . .
November 30, 2020 | Credit prices improved remarkably this month as the mood for the US economy received a booster shot from news of promising COVID-19 vaccines becoming available this year . . .
October 31, 2020 | Credit prices improved modestly this month as the US economy continued to rebound but weigh on US Treasury prices. Yields in junior subordination edged lower and spreads tightened against higher Treasury yields . . .
September 30, 2020 | Credit ran a modest correction in September with the hybrid markets slipping the most as US Treasury securities marginally improved. Yields in junior subordination rose and spreads widened in a modest risk-off mood . . .
August 31, 2020 | August was certainly another good month for hybrid securities, but not so good for US Treasury securities – in particular, treasury duration . . .
July 31, 2020 | The Coronavirus pandemic is still compounding around the globe weighing far more on real economies and politics than on financial assets . . .
June 30, 2020 | New issuance pace was still sweltering like in May despite the gloomy economic outlook dropped by the Fed, which caused an equity correction . . .
May 31, 2020 | The Coronavirus (COVID-19) still weighed heavily on the global economy in May despite asset prices making a V-shaped recovery – for this, we can thank the central banks . . .
April 30, 2020 | The Coronavirus (COVID-19) has crushed the global economy despite asset prices making an astounding recovery this month. Initial jobless claims since mid-March have zoomed to over 33.4 million . . .
March 31, 2020 | The arrival of COVID-19 in the US has caused the most severe impact to the US economy since the Great Depression as virtually the entire country is under some form of operating limit, lock-down and social distancing . . .
March 10, 2020 | Global Financials are Well Positioned for the Macro Challenges . . .
February 29, 2020 | The Coronavirus (COVID-19) has indeed reached the United States and has caused a major health scare alert that rattled markets this month . . .
January 31, 2020 | Junior subordinated capital securities continued to attract buyers this month as the equity market rallied and US Treasury bond yields edged modestly higher . . .
December 31, 2019 | Junior subordinated capital securities continued to attract buyers this month as the equity market rallied and US Treasury bond yields edged modestly higher . . .
November 30, 2019 | The bond market ended largely unchanged, but volatile on the heels of the 3rd rate cut this year and equities continued to reach new highs . . .
October 31, 2019 | The bond market continued its rally on the heels of last month’s rate cut and some weaker economic data, but then retreated as global risks appeared to be shifting to the upside. The Fed again delivered on its 3rd insurance cut . . .
September 30, 2019 | The bond market corrected swiftly to start the month only to steadily retrace much of its decline during the Fed meeting week which delivered another well anticipated 25bps rate cut . . .
August 31, 2019 | The bond market zoomed higher in August, following the Fed’s “insurance cut” and President Trump’s higher tariff penalties on China. Yields on US Treasury bonds collapsed for one of the biggest drops (or biggest UST bond rallies) since the European sovereign debt crisis 8yrs ago . . .
July 31, 2019 | The bond market consolidated in July trading off after the 4th of July holiday into a modest downtrend and then went sideways for the rest of the month in anticipation of the Fed meeting at month end. Despite an upward shift on the front end of the US Treasury yield curve, the “stubborn” inversion still prevails in the belly of the curve . . .
June 30, 2019 | The bond market continued its very firm move to lower yields aided by a significant downward shift of the US Treasury yield curve, but a “stubborn” inversion on the front end still prevails. The rates move extended the trend to lower yields all month long and (after last month’s rally) has now matched one of its longest rallies . . .
May 31, 2019 | There was a significant change in market tone during May as US Treasury bonds rallied and equity markets plunged. The primary impetus for the abrupt mood change was the FOMC minutes and rising trade tensions. The US Treasury bond rallied all month long and finished May quite over-bought . . .
April 30, 2019 | There was very little change in the tone of markets over the course of April. The March FOMC Minutes were released early in the March and confirmed that the Fed will be data dependent and patient in making another move (either way) . . .
