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  • August the 9th is in the books here in Wall Street.

  • Here's the New York Minute.

  • The Hunt For Yield continues.

  • We've had a quiet day on US stock markets

  • but elsewhere there's been a lot action, both the Nikkei 225

  • and the German DAX index are at new highs for the year,

  • having rallied more than 20% from their lows.

  • But that's nothing compared to what we've seen in bond markets, most spectacularly in the UK.

  • Where, as you can see,

  • the long dated gilts is one of the strongest performing securities anywhere in the world.

  • Now when bond markets performing like that,

  • it has an effect on US credit.

  • If we take a look at the Moody's Baa corporate yield,

  • this is the rate at which the largest, strongest, US companies can borrow,

  • It's near 60 year lows. Which explains why so many of them are taking the opportunity to releverage.

  • Similarly, if we take a look at the performance of the largest ETF holding

  • high yields or junk bonds,

  • it's at a new high for the year.

  • When people are worried about yields,

  • they start worrying much less about risk.

  • And that's the New York Minute.

August the 9th is in the books here in Wall Street.

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歩留まりを求めて|ニューヨーク・ミニット (Hunt for yield | New York Minute)

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    Colleen Jao に公開 2021 年 01 月 14 日
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