U.
S.
EMPLOYMENT ACCELERATED IN MARCH
growing by 196,000 jobs rebounding
from a 17-month low
in February.
“This was a Goldilocks report, with a rebound in job growth to
calm fears of an imminent recession, and wage growth that was solid enough without
triggering inflationary concerns,”said Curt Long, chief economist at the National Association of Federally-Insured Credit Unions.
10-year Trea
sury note shed 2.2 basis points. Equities rise to
six month highs
amid strong economic data,
S&P+0.44%,
DOW
+0.18%,
NASDAQ
+0.58%
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JUNK BONDS REGAINED FAVOR as a risk-on sentiment
prevailed
against investment grade debt. U.S.
mortgage applications surge
to levels not seen since October 2016 aided by a wave of homeowners refinancing. Plummeting interest rates also led to the
uptick in refinancing
activity which increased 47.4 percent from the previous week. The
10-year Trea
sury note gained 4.7 basis points.
S&P
+0.2%,
DOW-0.03%,
NASDAQ
+0.56%
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INVESTMENT-GRADE DEBT EDGED OUT JUNK BONDS in net prices linked to actual trades. U.S. Treasury yields slipped as investors turned bearish following Brexit
reigniting fears of uncertainty. The U.K. Prime Minister Theresa May will
“request a further postponement of Brexit”
seeking to break the standoff in Parliament.
Equities on Tuesday wavered
upon investors fleeing to safe-haven assets. The
10-year Trea
sury note declined 3.6 basis points.
S&P
+0.06%,
DOW
-0.27%,
NASDAQ
+0.31%
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RISK-ON SENTIMENT PREVAILED
as high-yield debt outpaced investment-grade bonds in net prices linked to actual trades.
Treasury yields were pushed higher
after the release of sound global economic data, in particular,
China’s manufacturing
index rose above 50 in March.
Crude oil soars
to nearly a five-month high,
settled up 2.51%
or 61.65 per barrel. The
10-year Trea
sury note advanced 1.0 basis point.
S&P
+1.08%,
DOW
+1.18%,
NASDAQ
+1.21%
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JUNK BONDS REGAINED FAVOR AGAINST HIGH-GRADE debt in net prices linked to actual trades. Treasury yields rose on Friday and finished the month down as investors digested the Feds dovish tone. “The market is still trying to process the change of hearts by the Federal Reserve”, Thanos Bardas. The
10-year Trea
sury note advanced 1.7 basis points.
S&P
+0.67%,
DOW
+0.82%,
NASDAQ
+0.78%
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INVESTMENT-GRADE DEBT NARROWLY EDGED OUT JUNK BONDS in net prices linked to actual trades. Equities failed to find a direction upon the release of
revised GDP growth cutting the fourth-quarter
growth to 2.2 percent from 2.6 percent, well below the 3 percent annual target. Economists blame
softer consumer spending
and a decline in business investment from China, a result of the ongoing trade dispute. The
10-year Treasury note advanced 1.4 basis points.
S&P
+0.39%,
DOW
+0.37%,
NASDAQ+0.37%
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THE TEN-YEAR TREASURY YIELD FALLS BELOW 2.4 PERCENT
sending equities into
free-fall
before rising
trimming losses
prior to market close. Investors fear of a
looming recession
given the yield inversion however, “
Based on history, we get another year and a half or so before recession”. In addition, markets pounder whether the
Fed will cut interest rates
this year in wake of wake economic data. The
10-year U.S. Treasury note sank 3.9 basis points.
S&P
-0.46%,
Dow
-0.13%,
NASDAQ
-0.63%
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INVESTMENT GRADE-DEBT EDGED OUT JUNK BONDS in net prices linked to actual trades. Housing starts
plunged nearly 9 percent
in February; the northeast took the most
significant hit
as permits sank 30 percent. The hottest housing markets, Seattle and San Francisco continue to show signs of cooling off even as interest rates decline. The
10-year U.S. Treasury note rose 1.5 basis point.
S&P
+0.37%,
Dow
+0.27%,
NASDAQ
+0.32%
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TREASURY YIELDS STABILIZED following Friday’s bond market rally and inversion of the 3-month bill and 10-year note. The
Federal Housing Authority is tightening lending standards
“flagging more loans as high risk”
concerned lenders are making loans that will default. The average credit score of a homebuyer seeking a mortgage
significantly decreased
over the past seven years to 620 compared to 701 in 2011. The
10-year U.S. Treasury note fell 4.3 basis point.
S&P
-0.07%,
Dow
+0.1%,
NASDAQ
-0.08%
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RISK-OFF SENTIMENT PREVAILED AS INVESTMENT-GRADE DEBT significantly outpaced junk bonds in net prices linked to actual trades. Equities receded after the release of weak economic data, despite the
11.8 percent increase jump in existing home
sales
in February. A
cooling trend
has emerged,
“Homes aren’t flying off the market as they have been”
Cheryl Young senior economist at Trulia. The
10-year U.S. Treasury note plummeted 9.6 basis point.
S&P
-1.90%,
Dow
-1.77%,
NASDAQ
-2.50%
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