EQUITIES DRIFTED LOWER following an announcement from Federal Reserve President Jerome Powell stating “my colleagues and I are grappling with is whether these uncertainties will continue to weigh on the outlook and thus call for additional policy accommodation“. Currently Wall Street believes there is a 65.7 percent chance of a 25 basis point cut and a 35.4 percent chance of a 50 basis point cut. The 10-year note fell 2.8 basis points settling below 2 percent. S&P -0.95%, DOW -0.67, NASDAQ -1.51%.

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Key Gainers and Losers	Volume Leaders
+   AT&T Inc. FLT% 6/12/2024 + 0.2%   JPMorgan Chase & Co. VAR% 4/23/2029 + 0.1% -   Abbvie Inc. 4.875% 11/14/2048 -2.5%	CVS Health Corp.   5.05% 3/25/2048 Actavis Funding SCS   3.85% 6/15/2024

Industry Returns Tracker

Industry Past Day Past Week Past Month Past Quarter YTD Past Year Agriculture, Forestry, Fishing 0.08% 0.60% 2.50% 3.90% 8.37% 5.30% Mining 0.29% 1.28% 2.33% 3.62% 8.79% 9.02% Construction 0.17% 0.90% 2.44% 3.78% 6.90% 7.86% Manufacturing 0.23% 0.94% 2.48% 3.75% 7.31% 7.77% Transportion, Communication, Electric/Gas 0.33% 1.30% 3.04% 4.90% 9.57% 10.74% Wholesale 0.18% 0.80% 2.07% 3.63% 8.18% 8.38% Retail 0.27% 1.08% 2.70% 3.81% 7.81% 8.64% Finance, Insurance, Real-Estate 0.23% 0.63% 1.78% 3.07% 6.29% 7.78% Services 0.25% 0.96% 2.56% 3.86% 7.41% 9.00% Public Administration 0.19% 0.27% 1.15% 2.02% 3.28% 4.95% Energy 0.31% 1.37% 2.40% 3.76% 9.10% 9.81%   Total returns (non-annualized) by rating, market weighted.

New Issues	New Issues [Continued]
1. Enterprise Products Operating LLC (USD) 3.125% 7/31/2029 (06/24/2019): 1250MM Senior Unsecured Notes, Price at Issuance 99.955, Yielding 3.13%. 2. Public Service Co. Of New Hampshire (USD) 3.6% 7/1/2049 (06/24/2019): 300MM Secured Notes, Price at Issuance 99.763, Yielding 3.61%.

NEW ISSUANCE WATCH: on 6/25/19 participants welcome a $500MM new corporate-bond offering by
American Honda Finance Corp. The most recent data showed money flowed out of high-yield ETFs/mutual funds for the week ended 6/21/19, with a net outflow of $602MM, year-to-date $8.9B flowed into high-yield.

Top Widening Credit Default Swaps (CDS)	Top Narrowing Credit Default Swaps (CDS)
Rite Aid Corp. (5Y Sen USD XR14) Hertz Corp. (5Y Sen USD CR14)	SuperValu Inc. (5Y Sen USD MR14) San Miguel Corp. (5Y Sen USD CR14)

Loans and Credit Market Overview

SYNDICATED LOANS HIGHLIGHTS:

Deals recently freed for secondary trading, notable secondary activity:

• Vici Properties LLC, Vidrala SA, Hilton Worldwide Finance LLC, US Renal Care Inc.

OVERALL CREDIT MARKET:Long-term bond yields are expected to hit a cyclical peak in 2019 given tight fiscal policy and lagging global economies. Europe remains checked by stubbornly low inflationary forces.  Positive effects remained in force:

• TED spread held below 23 bp (basis points), as of 06/25/19
• Net positive capital flows into high-yield ETFs & mutual funds

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