Click For an Audio Summary In a recent edition we looked at the potential for near-term recession through the lens of two segments within the bond market. Per participants’ messaging through the bond market segments shared, there was little concern of a near-term recession being displayed by participants’ pricing behavior of those bonds. For our part, we have great respect for collective market participants’ messaging throughout the entire landscape of the credit market. With

Fitting with the summer season and how many share pictures of a summer getaway, we thought we would take a similar approach toward reviewing the employment landscape for this edition. With this, below we offer several pictures of the employment backdrop to share perspective of this strange employment market. First is what we have often labeled as a tip of the spear for gauging the health of the employment landscape. To be fair, this is a bit of an exaggeration but used as suc

In our previous edition we focused on the 10-year benchmark treasury note and how bond market participants have pushed up its interest rate in recent months, as well as recent years, to the 4 ½ percent area. We are calling that too close for comfort relative to the psychologically important 5% level – a level that would be a new 20-year high if attained. The 10-year treasury note is viewed as part of the long-end of the maturity spectrum for treasuries. We looked at the long

Click For an Audio Summary The bond market has been getting a bit nervous of late. This nervousness is displayed via price action that is picking up in volatility as well as some downside price action overall. With the inverse relationship of prices to interest rates, as prices have declined, interest rates have moved higher. As a general statement, this has been true across the bond market spectrum. For our part, within numerous editions over recent years, we have been focus