Fixed Income Strategist, LPL Financial Member SIPC.
At the current pace of Fed purchases, bond market growth is likely to be negative.
Corporate bonds managed to keep pace with the Treasury bounce in February. Feb #Bond market returns.
Muni-Treasury yield ratios still low end of recent range. Valuations may not be cheap enough to entice more demand
Despite yesterdays #muni rebound headwinds likely to persist. March toughest month for muni investors
Issuance credit quality trends have weakened but long way away from pre-crisis levels. CCCs still small %
LBO volume up in recent months but no where near 2007 pace. See this week's comm for more.
January 2013 bond sector total returns. #bonds
Muni-Treasury yield ratio at lowest since early December, 1 factor contributing to munis lagging Treasuries today
10-yr AAA muni-Treasury ratio up over 100% again. A step in relieving the sell-off. 30yr ratio 97% tho. #bonds
10-year Treasury yield higher by 0.23% in just 8 trading days. Testing high-end of 5-mo range
#muni weakness continues. Secondary supply at highest level since Whitney-scare and leading to lower prices.
On a year-over-year basis, #muni mkt starting to grow. Supply-demand balance favorable but best is behind us.
#Muni market shrank by $13 billion in Q3 according to Fed data. Negligible mkt growth continues.
#muni market shrank by $13 billion in Q3 according to Fed data. Negligible growth continues.
Bond sector performance over the first half of 2012.
Bond volume still near holiday-like levels.
Decline in expected 30-day #muni issuance to lowest level since early February also giving muni market a lift.
After taking into account Fed purchases, US bond market is actually shrinking. Fed data.
10-year Treasury yield again approaching 2.05% support level and upper end of range following employment report
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