Taxable Fixed Income

Resources

November 2009

The rally in credit has reached across the capital structure and far down in credit quality as high yield issuers outperformed investment grade bonds and even equities last month.
Near-term supply pressures support the recent steepening in the yield curve even as the dearth of actual cost pressures limits a substantial backup in long-term yields.
Short-term yields are too low relative to the rate hikes that are likely to occur, whereas the current “resource slack” should help cap a substantial rise in long-term yields next year.
For more, please read the full report below.

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