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2min chapter
Michael Kao on November Fed Meeting, Treasury Refunding, and Bond Market Bear Steepening (Co-Hosted By Michael Ippolito & Jack Farley)
Forward Guidance
Analyzing Yield Spreads, Issuance, and Total Return in the High Yield Market
This chapter explores the reasons behind the low yield spreads in the high yield market, the concept of total return in fixed income investments, and the impact of changes in the risk-free rate on credit spreads. It also discusses the lag in the adjustment of total return buyers to the new yield environment and the expectation of interest rates staying higher for longer.
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