“This combination of potentially more demand and less liquidity could help spreads catch up to the equity market,” Beinstein wrote. If foreign buying picks up in response, tighter spreads could be on the way, especially because liquidity tends to be lower in the last two weeks of December when traders take time off for the holidays. JPMorgan sees several potential catalysts for rates rising through New Year’s Eve, including next week’s Federal Reserve meeting. ![]() But overseas buying amped up midweek after the 10-year Treasury yield had risen around 18 basis points since the end of last week. ![]() investment grade corporate bond market when Treasury yields moved higher, according to strategists at JPMorgan Chase & Co., and they could help spreads tighten into year-end.įoreign purchases, measured by overnight dealer net buying or selling activity, were “quite light by historical standards” earlier this week while yields were relatively low, JPMorgan strategists led by Eric Beinstein wrote. (Bloomberg) - Foreign buyers just stepped into the U.S.
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