Market Commentary

The Federal Reserve’s preferred measure of underlying inflation rose at the slowest monthly pace since late 2020, helping to lay the groundwork for policymakers to forgo an interest rate hike at

The Treasury conducted the auction for the 7-year Treasury which printed the highest auction yield since 2009; 4.673%.  The auction was “relatively well received” just as the

Long term Treasuries continued to climb higher with surging oil prices partially to blame.  Oil is at the highest levels in a year as inventories fell below a critical level.  There are few options to combat the unrelenting

Consumer Confidence fell for the second consecutive month and to a four-month low, largely the result of the ongoing rise in gasoline prices.  The drop in the S & P 500, which is also at a three-month low, has not helped either.  The data was

Longer dated Treasuries are continuing to sell off.  The 10-year Treasury is at the highest level since October 2007 while the thirty-year Treasury is at a level last seen in April 2011.  Shorter dated debt, defined as two years or less have remained in a

Earnings season commences in about 2 weeks, thus suggesting the possibility of profit warnings occurring this week.  As noted several times, quarterly economic growth is perhaps the greatest since 2003, thus suggesting profits may

Will the perceived Goldilocks economy continue? Oil prices are surging. The auto industry is facing an unprecedented strike. The government may shut down. The global economy is in a major transition. Interest rates are

As widely expected, the FOMC voted unanimously to leave the overnight rate unchanged in a target range of 5.25%-5.50%, a 22 year high.  The “dot plot” or the median estimate of each FOMC member foresees one

It is widely believed the FOMC will not deliver any interest rate surprises today: Officials have amply signaled that there will not be any further increase this

The Treasury market is poised to post its third consecutive year of losses, a feat that has not occurred in “several generations.”  Bloomberg writes Treasuries maturing in 10 or more years have slumped about