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The recent rise in Treasury yields has largely been a rising breakeven inflation story. Admittedly, it was not a large move, but the 10-year breakeven appears to have bounced off the 1.5% level. (The 10-year breakeven inflation rate is the nominal Treasury yield less the quoted yield on the ...

Whether this summer’s runaway ascent of bond prices was mainly a flight-to-safety response to global trade fears or a “follow the leader” move on the part of momentum traders is a subject of fierce debate among traders. What matters most, however, is that after the market ...

Welcome to this week's Market Wrap Podcast, I'm Mike Gleason. Coming up, David Jensen of Jensen Strategic joins me for a revealing conversation on why he believes we've passed the point of no return when it comes to monetary policy, how the recent injection of liquidity by the Fed will ...

By Krishna Memani, Vice Chairman of Investments Last week the US Federal Reserve cut rates by 25 basis points. Not much of a surprise there. Rate markets had been pricing in a cut with near certainty. In the press conference, Fed Chair Jay Powell emphasized that the Fed is unlikely t...

How much higher can bond yields go before equities are knocked off their perch? That's a question that's likely to be on the lips of many market participants in the weeks ahead assuming all signs continue to point to an interim trade agreement between the world's two largest economies. Ov...

What's going on in the repo market? Rates on repurchase agreements ("repo") should be around 2%, in line with the fed funds rate. But they shot up to over 5% on September 16 and got as high as 10% on September 17. Yet, banks were refusing to lend to each other, evidently passing up big profi...

There's no particular news out today, but fixed-income traders must finally have woken up and taken note of a stock market at all-time highs, an unemployment rate of 3.5%, and the easing of trade tension with China. Yields at the long end of the Treasury curve are flying higher, with the 10-...

By Jack P. McIntyre, CFA Over the last year, 10-year German Bund yields have gradually declined, while investor sentiment deteriorated over the course of this period as the U.S.-China trade dispute dragged on, taking global growth down with it. Policymakers failed to adequately address the...

We are at a tricky place with fixed income. On October 30 th , the Federal Reserve (Fed) reduced short-term interest rates for a third time this year, as expected. Fed Chairman Jay Powell characterized the 25bp move in the benchmark funds rate to 1.50% from 1.75% as a "midcycle adjustment" in ...

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