Market Overview Analysis by Brian Gilmartin covering: USD/JPY, Nasdaq 100, S&P 500. Read Brian Gilmartin's latest article on Investing.com
The August CPI report is due Wednesday, September 11th, 2024, before the opening bell. Investors are expecting +0.1% overall and +0.2% for Core CPI.
Bespoke put out a graphic this week in the Thursday, September 5th Closer, noting that corporate high-yield breadth continues to be positive. The unfortunate aspect to the September 5th, 2024 Bespoke Closer is that the attached bar charts are so small, they’d be virtually useless to try and attach here for www.fundamentalis.com readers to decipher.
What’s the point ? High-yield credit spreads are NOT indicating deeper economic issues at this time, per the above research. With current yields of over 7%, even if corporate high yield saw “worst-case defaults” in the next few fears, investors are still earning excess spread. If we ever did see 5%’ish default rates in high-yield, my guess is we would see rising yields and falling prices in the asset class, and yields on high-yield credit funds and ETF’s closer to 9% – 10%.
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