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Review 20Y Bond Auction: Strong


Trend Needle Points North


WI 20Y Bond

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Investment-grade corporate credit risk fell sharply Wednesday after flat CPI inflation for July helped yield curves climb off deeper inversion as chances of 75bp rate hike in mid-Sep evaporated, while stocks surged higher, SPX breaching May 31 resistance. Currently, SPX eminis trade +79.0 (1.9%) at 4203.5; DJIA +470.82 (1.44%) at 33248.26; Nasdaq +326.1 (2.6%) at 12820.61.

  • Investment grade risk measured by Markit's CDXIG5 index -6.268 to 76.762 (mid-April lows); CDXHY5 high yield index at 102.408 (+1.429).
  • Outperforming credit sectors (tighter or least wide): subordinated Financials (-5.0), Communications (-4.9), Materials (-4.7) and Consumer Staples (-4.6)
  • Lagging sectors (wider or least narrow): Senior Financials (-1.2), Utilities (-2.8), Health Care (-3.8), Industrials (-4.0).

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