Bonds Analysis & Opinion

Several days ago, we talked about the Federal Reserve’s intent of improving financial conditions by way of balance sheet expansion and QE. Their recent policy action is generally supportive of...

After fears across the pond resurfaced the 10-Year U.S. Treasury rallied as the yield fell 5 basis points to 1.71%. With yesterday’s move, the 10-Year U.S. Treasury is kissing against key...

The economic data continues to drip weaker. Yesterday’s Chicago Fed index was the lowest since 2009, and while the Dallas Fed index rose, it remains negative. These aren’t major...

There are many critics blasting the recent Fed’s announcement of QE3, suggesting it’s ineffectiveness since Treasury rates are higher or that mortgage rates are stagnant and not enough to...

Back when I was exclusively a bond manager, 2001-2003, which I chronicled in my series The Education of a Corporate Bond Manager, I successfully struggled with one concept: when do you try to add more...

The folks over at Elliot Wave International caught my attention yesterday with a recently published article on the growing risks for bond investors. In our own work, I have warned investors that it...

TIPS have gone from being rich on an absolute basis, but cheap against nominal bonds, to (still) rich on an absolute basis, but fair versus nominal bonds as nominal yields have risen. That statement...

With the recent sell off in the U.S. Treasury 10-Year fueled by the Federal Reserve’s expansion of its balance sheet and the subsequent rally in equities, support has held at 1.89%. While bond...

For weeks markets have been oscillating within the constraints of central-bank action versus lack thereof. We have finally reached the decision threshold and central banks acted in accordance with...

Municipal bond supply has been low for 2012 and will continue to be low as we head into year end. Supply is projected to fall just short of 200 billion this year which is significantly lower than the...

As an example of how frothy fixed income markets have become, Reynolds did a $3.25 billion HY issuance today. They repaid a great deal of existing debt, but also took half a billion of cash for...

Markets continue to behave as expected. Commodities are rallying while the dollar weakens.Inflation expectations continue to rise and longer dated treasuries are selling off, with the treasury curve...