A week truncated by various holidays has meant that bond markets have been operating at lower volumes with fewer new issues (not least because many have been pulled), for which liquidity has again been sufficient. Whether the reduction of liquidity, identified last week, returns will be seen over the coming days. In the meantime, apparently contradictory headlines “Foreign demand falls for Treasuries” and “Investors rush to quit junk bonds” imply a search for safety in the only place left: high-quality corporates. |
There has been a parallel pause in forex movements. |
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