bonds

September and Third Quarter in Figures

October 1, 2017

The Fed, ECB, and BOJ did not change monetary policy during the third quarter, so short-term interest rates were very stable. But more hawkish talk from the Fed and ECB, a surprise Bank of Canada rate hike, and higher British inflation lifted longer-term rates in those economies during the quarter. A mixed dollar in August […] More

August in Figures

August 31, 2017

Ten-year sovereign debt yields feel pretty much in tandem during August except in Japan where the drop was less sizable but consistent with the Bank of Japan’s target. Short-term interest rates remained low and well anchored by ultra-loose monetary policy stances. The dropped significantly against the Chinese yuan and marginally against traditional “hard currencies” like […] More

June and the Second Quarter in Figures

July 1, 2017

As in the previous quarter, a slide in the price of oil was a key development during the second quarter, and half of this move occurred in June. Gold also lost value both in June and the whole quarter. A second theme of the period was a shifting view about future monetary policies in the […] More

March and First Quarter in Figures

April 1, 2017

March saw an introspective pause to the market euphoria of the first two months of 2017, but the quarter still experienced a broadly lower dollar and strong stock market gains for the most part, the Japanese Nikkei being a notable exception. Ten-year sovereign debt yields were mixed and resulted in less supportive U.S. premiums at […] More

February in Figures

February 28, 2017

Equities were bid sharply higher in February, and the dollar appreciated mostly. Ten-year sovereign debt yields, which had risen during January, reversed course. Short-term interest rates were steady, and commodity prices climbed. 10-Yr Yield o2/28/17 01/31/17 Chg v End-Jan U.S. 2.38% 2.45% -7 Basis Points Germany 0.20% 0.43% -23 Japan 0.04% 0.07% -3 U.K. 1.15% […] More

October in Figures

November 1, 2016

The dollar rose in October especially versus sterling. Long-term interest rates increased everywhere, not just in the U.S. where monetary policy tightening is expected. The 10-year JGB remained below its target of zero, however. Short-term interest rates edged up marginally. Equities in October were mixed, and both the price of gold and oil slipped about […] More

September and the Third Quarter in Figures

October 1, 2016

Ten-year sovereign debt yields remained very low last quarter. British gilts dropped over a half percentage point for the second consecutive quarter, helped by a halving the Bank of England’s policy interest rate and resumption of quantitative stimulus there. The dollar fell mostly last quarter, but the loss against sterling was trimmed in September. Equities […] More

August in Figures

September 1, 2016

Sovereign debt yields rose in August in most cases, Canada and Britain not included. The dollar and kiwi strengthened slightly. Equities held on to July gains and extended such in several cases. Oil partly recovered, and gold declined. 10-Yr Yield 08/31/16 07/29/16 Chg v End-Jul U.S. 1.57% 1.45% +12 Basis Points Germany -0.07% -0.12% +5 […] More

June and the Second Quarter in Figures

June 30, 2016

June and the second quarter were a volatile time in financial markets with mixed results, a few surprises and some odd juxtapositions.  The table below shows end-June levels and their comparisons to end-May and end-second quarter levels.  A unifying theme in both the last month and the spring quarter involved deep declines in sovereign debt […] More

May in Figures

May 31, 2016

In May, long-term interest rates fell.  On the monetary policy front, confidence climbed that the Federal funds rate would be raised before much longer, while speculation grew that more stimulus would be forthcoming in Japan and possibly the eurozone.  An appreciation of the dollar and oil prices was balanced by a decline in gold.  Most […] More

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