The S&P 500 rallied 3.2% this week (trading to all-time highs Thursday), more than reversing (by 1.5 times) the previous week’s 2.1% decline. Ten-year Treasury yields rebounded as well, yet the eight bps rise was less than half the previous week’s 18 bps drop. Commodities markets couldn’t muster any recoveryRead More →

(This report was published to members of Yield Hunting on Jan. 12. All data herein is from that date. This is a rare posting of our weekly commentary with a two-week lag). Macro Picture The conflict in the Middle East appears to be subsiding, allowing the volatility index to retreatRead More →

The market week began with cases of the coronavirus jumping to 222, including four outside China. China’s National Health Commission confirmed human-to-human virus transmission. By Friday, more than 1,200 infections had been confirmed, with 41 deaths (8,420 under observation according to the Washington Post). China on Thursday suspended flights andRead More →