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Market Commentary - Page 5

In the middle of February, with the Standard & Poor’s 500 index down 10% since New Year’s, anyone suggesting that the first quarter would end in positive territory would have been laughed out of the room. And yet that’s exactly what happened.

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Like the stock market and crude oil, high-yield bonds bottomed out in mid-February and since then have made a dramatic comeback as investors flooded into the market.

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The market never believed that the Federal Reserve would raise interest rates four times in 2016, so it came as little surprise last week when Fed Chair Janet Yellen and her policymaking colleagues backed away from such an aggressive path.

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Listening to the presidential candidates may leave you feeling as though the U.S. economy is circling the drain. Campaign rhetoric focuses on negatives, and outlandish proposals take on a life of their own in daily news bites. In fact, the economy is rolling along steadily.

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So far this year, close to $50 billion worth of newly issued municipal bonds have come to market. This may sound like a large number, but it’s not even close to meeting the enormous investor appetite for these securities.

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