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Why Are High Yield Bonds Breaking Down?

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Why Are High Yield Bonds Breaking Down?: Start a free trial of The Sevens Report.

What’s in Today’s Report:

  • Why Are High Yield Bonds Breaking Down?
  • More Goldilocks Economic Data

Futures are modestly higher mostly on momentum from Thursday’s rally and following a night of generally solid earnings and economic data.

Economically, the German IFO Business Expectations survey was better than expected (87.3 vs. (E) 86.7) boosting EU economic sentiment.

Earnings were the solid as the majority of companies posted good results (including COF, DECK and others).

Today the key report is September Durable Goods (E: -1.0%) and markets will want to see more in-line data to continue to imply a soft landing and two additional rate cuts in 2024.  We also have one Fed speaker, Collins (11:00 a.m. ET), but she shouldn’t move markets.

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High Yield Debt Spreads – Sevens Report Co-Editor Quoted

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High yield debt spreads: Sevens Report Analysts Quoted in MarketWatch

This credit gauge shows investors still have risk appetite, despite recession fears

“High yield debt spreads are still not showing any degree of concern for either default or economic risk right now, and that supports the case for continued strength in risk assets in the near-to-medium term, despite lingering recession concerns based on the inverted yield curve,” Tyler Richey, co-editor at Sevens Report Research, wrote in a recent note.

Also, click here to view the full MarketWatch article published on September 22nd, 2023. However, to see the Sevens Report’s full comments on the current market environment sign up here.

High-yield debt spreads

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