皇冠登1登2登3:The worst is yet to come for US credit markets

频道:社会 日期: 浏览:2

皇冠足球appwww.hg108.vip)是一个开放皇冠即时比分、代理最新登录线路、会员最新登录线路、皇冠代理APP下载、皇冠会员APP下载、皇冠线路APP下载、皇冠电脑版下载、皇冠手机版下载的皇冠新现金网平台。皇冠官网平台上登录线路最新、新2皇冠网址更新最快,皇冠体育APP开放皇冠会员注册、皇冠代理开户等业务。

Slowdown woes: Construction workers unload sheet rock at a residential and commercial building under construction in Manhattan. The strong balance sheets of companies aren’t expected to be enough to prevent further losses, particularly for junk bonds. — AP

NEW YORK: The ugliest year ever for US corporate-bond investors is expected to get uglier – and they only have the Federal Reserve (Fed) to blame.

With the central bank raising interest rates at the fastest pace in decades, nearly three quarters of those who responded to the MLIV Pulse survey said that tighter monetary policy is the biggest risk facing the corporate-debt market.

Just 27% were more concerned that corporate bankruptcies will pile up over the next six months.

The results underscored the bittersweet outlook for fixed-income investors that were hit during the first half of the year with the deepest losses since at least the early 1970s.

The survey included responses from 707 investment professionals and individual investors.

On one hand, they don’t think the troubled run is over, with more than three quarters anticipating that yields this year will widen to new peaks over Treasuries.

But, at the same time, a majority expects the downside to be relatively limited.

,

皇冠登1登2登3www.99cx.vip)实时更新发布最新最快最有效的登1登2登3代理网址,包括新2登1登2登3代理手机网址,新2登1登2登3代理备用网址,皇冠登1登2登3代理最新网址,新2登1登2登3代理足球网址,新2网址大全。

,

They predict that spread – a key gauge of the extra compensation demanded for the perceived risk – will hold well below the levels seen during the March 2020 Covid crash or the recession set off by the housing market downturn.

“There is definitely much more downside, or risk, to widening from where we are right now,” said Kurt Daum, senior portfolio manager at USAA Investments, a Victory Capital franchise.

Yields on corporate bonds have edged steadily higher over Treasuries during the waves of selling that raced through fixed-income markets this year.

That spread on investment-grade corporate debt reached as much as 160 basis points (bps) in July, according to Bloomberg’s index, before pulling back slightly.

But the relatively muted spread increases anticipated ahead show investors expect the corporate-finance market to avoid the kind of stress that followed the 2007-2009 recession, when investment-grade yields surged to more than 600 bps above Treasuries.

In March 2020, that gap hit nearly 400 bps, prompting the Fed to step in to ensure that a lack of available credit didn’t deal another hit to the economy.

The outlook likely reflected the strong position many companies are in after profits surged on the back of pandemic-related stimulus and two years of rock-bottom interest rates.

Despite speculation that the United States is veering toward a recession, on Friday the Labour Department reported that hiring unexpectedly surged in July by the most in five months, underscoring that the economy remained strong despite the Fed’s aggressive monetary policy tightening.

0 留言

评论

◎欢迎参与讨论,请在这里发表您的看法、交流您的观点。
验证码