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Corporate Credit Risk: Well Off Early Highs

US
Corporate credit risk held higher levels at midday -- well off early session highs even as equities traded weaker/near lows in lead up to March FOMC minutes.
  • Follow-through hawkish Fed rhetoric: "Acutely concerned" by rising inflation, Philly Fed Harker also expects a series of "deliberate, methodical hikes" similar to Brainard's but near verbatim from last week's statements. Barkin open to 50bp hikes if needed: a "judgement call" on the road to 9-10 hikes before neutral reached.
  • S&P eminis currently trading -53 (-1.18%) at 4467.25 -- after ESM2 traded down to 4456.25 -- just above key support of 4452.75: 50-day EMA. Breach opens next key support of 4320.25 (Low Mar 17).
  • Investment grade risk measured by Markit's CDXIG5 index currently +1.561 to 67.696 vs. 69.249 high; CDXHY5 high yield index mildly lower at 104.945 (-.455).
  • Outperforming credit sectors (tighter or least wide): Utilities sector (+2.1) with shares also outperforming. Followed by Industrials, Technology and Energy sectors evenly tied (+2.8).
  • Lagging sectors (wider or least narrow): Financials, both subordinated and Sr, tied with Consumer Staples (-3.9).
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