Overview
The Federal Reserve left its key policy rate unchanged in a range between 0.0% to 0.25% at the conclusion of its June policy meeting. more...http://payden.com/library/weeklyMarketUpdateE.aspx
U.S. MARKETS
Treasury/Economics
In a week dominated by new Treasury supply in 2, 5 and 7 year maturities, Treasuries were able to rally on the back of high demand from investors for those bonds and 10 year yields trading briefly at 3.50% by the end of the week. more...
http://payden.com/library/weeklyMarketUpdateE.aspx
Large-Cap Equities
The stock market recovered from an early week pull-back to end the week only modestly lower. Higher metal prices and better than expected corporate earnings reports tempered mixed economic data. more...http://payden.com/library/weeklyMarketUpdateE.aspx
Corporate Bonds
Investment grade primary activity was fairly active prior to FOMC’s announcement on Wednesday. The marquee issuer this week was global pharmaceutical company Merck, who brought a $4.25 billion deal across the entire curve to fund their Schering-Plough merger. more...http://payden.com/library/weeklyMarketUpdateE.aspx
Mortgage-Backed Securities
Mortgages kept pace with the Treasury rally in a low volume, summer week. Mortgage originations were readily digested by steady Federal Reserve and domestic bank buying. more...
http://payden.com/library/weeklyMarketUpdateE.aspx
Municipal Bonds
While this week’s municipal bond market action was highlighted by the Fitch downgrade of California’s $60 billion in general obligation (GO) bond debt, the broad municipal bond market was strong on the week. more...http://payden.com/library/weeklyMarketUpdateE.aspx
High-Yield
High yield was a bit softer again this week as we saw spreads to treasuries move approximately 35 bps wider going into Friday. more...
INTERNATIONAL MARKETS
Western European Equities
European stocks went down this week. The sectors with the worst performance were oil & gas (-4.1%) and health care (-3.4%). more...http://payden.com/library/weeklyMarketUpdateE.aspx
Eastern European Equities
The CECE index of equities traded in Central Europe (Czech Republic, Hungary, and Poland) lost -2.6% this week, while the Russian stock index RTS went down -5.5%. more...http://payden.com/library/weeklyMarketUpdateE.aspx
Global Bonds and Currencies
The major non-US government bond markets rallied for the third consecutive week as investors reassessed the likelihood and timing of potential hikes in official interest rates, and as riskier asset classes continued to stall. more...http://payden.com/library/weeklyMarketUpdateE.aspx
Emerging-Market Bonds
The major non-US government bond markets rallied for the third consecutive week as investors reassessed the likelihood and timing of potential hikes in official interest rates, and as riskier asset classes continued to stall. more...http://payden.com/library/weeklyMarketUpdateE.aspx
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