Why Are High Yield Bonds Breaking Down?
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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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