Bonds Analysis & Opinion

With healthcare reform sidelined, for the time being, the legislative emphasis has turned to tax reform. However, before tax reform, Congress must do two other things. The debt ceiling must be raised...

As the summer doldrums roll on, we thought it was a good time to recap where the muni market has come since the Trump sell-off of last fall.A number of factors have helped the overall muni market. The...

Looking at the weekly chart of the TNX, the CBOE 10-year Treasury Yield Index, I'd say the 10-year Treasury yield is at a critical level. A trade much lower in yield toward 2% and it would appear the...

10-Year Note Non-Commercial Speculator Positions: Treasury speculators edged their bullish net positions lower in the 10-Year Note futures markets this week, according to the latest Commitment of...

10-Year Note Non-Commercial Speculator Positions: Treasury speculators raised their bullish net positions in the 10-Year Note futures markets this week for the first time in four weeks, according to...

Note: We've updated this commentary with data through Friday's market close.Let's take a closer look at recent activity in US Treasuries. The yield on the 10-year note ended the day Friday at 2.24%...

Two weeks ago I highlighted a crucial area in the Treasury Bond ETF (NYSE:GOVT) here. The price of the ETF was breaking support of both a rising channel and a horizontal consolidation zone, once...

As the Bank of Japan is set to meet this week to review monetary policy settings, it's worth checking in on a couple of particularly relevant charts. The first one shows the Bank of Japan has now...

After the big reflation reset in positioning, global bond markets are showing more signs of breaking down. We previously talked in detail about the idea of the reflation reset in the context of a...

Covenant Quality is terrible but is it a long-term trend or skewed because of one month's data?It’s never been better to be a high-yield issuer or high-yield investor. According to...

Let's have a look at a long-term perspective on Treasury yields as of Friday's close. The chart below shows the 10-Year Constant Maturity yield since 1962 along with the Federal Funds Rate (FFR) and...

Milliman, an actuarial and consulting firm headquartered in Seattle, has completed a white paper on corporate pension funding based on its 17th annual analysis of the disclosures of the...

Not feeling terribly inspired right now, so I’ll just share with you a couple of positions I’ve got focused on bond funds. The first of these is the high-yield bond fund iShares iBoxx $...

10-Year Note Non-Commercial Speculator Positions: Large speculators sharply lowered their bullish net positions in the 10-Year Note futures markets this week for a second consecutive week, according...