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Early Morning with Dave
Soaring Bond Yields Undercut New-Issue Activity

Soaring Bond Yields Undercut New-Issue Activity

And as for equities, we are in correction mode.

Oct 26, 2023
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Early Morning with Dave
Early Morning with Dave
Soaring Bond Yields Undercut New-Issue Activity
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Highlights

  • Equities remain in a tough environment — price action and breadth are bad, while earnings reactions have been negative

  • Meanwhile, the volatility in yields has weighed on corporate borrowing

  • A historic contraction in the ECB’s private credit impulse data may force a softening in the central bank’s communication

  • Hard to be bullish with an ongoing freight recession and the Dow Transports approaching a 5-month low

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