Tom Byrne Blog | Talkmarkets | Page 1
Fixed Income Specialist at Charles Schwab
Contributor's Links: Smiles An Hour

During the course of his long career in the fixed income markets Mr. Byrne was responsible for: Trading of preferred stock, corporate bonds, (high grade and high yield) mortgage-backed securities, U.S. treasury securities, GSE debt, International debt securities (sovereign and corporate) and ... more


Latest Posts
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The Fed, The Curve And Credit Markets
The capital markets, particularly the equity and high yield debt markets, fret that President Trump will appoint a Fed Chair who is too hawkish and will combat any and all inflation created by fiscal and tax policy reforms.
E On The Street Hypotheses' Burning, As The Slow-Growth Economy Keeps Turning
After largely discounting a slow first-quarter of the year, the strategist and analyst communities were crowing about an expected second-quarter rebound.
E U.S. Economy Quests For Economic Escape Velocity
The recent strength in economic data has many pundits, investors and strategists downright giddy. This giddiness may turn out to be warranted, but the U.S. economy has experienced several failures-to-launch in the quest for economic escape velocity.
E Selling Pressure In U.S. Bonds Came From Europe
It looks like much of the early selling pressure in U.S. bonds came from Europe, where higher-than-expected inflation pressures sent European sovereign yields higher and may have attracted some fixed income capital from U.S. Treasuries.
E Higher Interest Rates In 2017?
I believe the story for 2017 will be one of higher interest rates, but investors and market participants might be surprised at just how low next year’s higher rates are and that the yield curve is not as steep as many pundits forecast.
E A Bond Market Turkey Call
Municipal bonds have come under pressure as investors, with the urging of some wealth management firms and their models, have pulled money from the municipal market in anticipation of lower taxes under a Trump presidency.
E Trick Or Treat! Which Best Describes The First Read Of Q3 GDP?
The first read of Q3 GDP surprised to the upside, printing at 2.9%. This was better than the Street consensus estimate of 2.6% and the Atlanta Fed GDPNow estimate of 2.1%.
E Janet’s Got A Squeezebox, Kuroda Can’t Sleep At Night
Markets eagerly await the FOMC rate decision, due out on Wednesday September 21st. The consensus view is that the Fed will leave the Fed Funds Rate unchanged, for now.
E Dead Head’s Curve
Inflation pressures have stabilized, if not moderated somewhat. The Fed has not tightened since last December. The UST yield curve has flattened since the beginning of the year.
E Your Real Interest Rate Risks (And How To Manage Them)
Falling bond prices are merely the symptom of an even greater problem. The greatest damage rising long-term rates can do to portfolios is that one’s income stream may not keep up with inflation.
E Oh Waldo!
Recent events have only reinforced my opinion that traditional economic, monetary policy and market models are useless and should be relegated, if not to the trash heap of finance, at least to a drawer someplace for use at a much later date.
E Home Rule Britannia
Equity markets are plunging and sovereign bond prices are rallying as the majority of British people decided that sovereignty and political independence are more important than (potential) economic advantage.
E Why Investors Are Buying Municipal Bonds (And Other Income Investments)
The current equity bull market is just as loved as previous bull markets, but there are fewer investors who can share the love. I believe that P/E/ ratios among dividend-paying stocks should remain higher than what has been typical.
E Fly Like A Fed Hawk
The bullets were flying on the front lines of the bond market last week. Much of the ordnance whizzing-by were fired by the Fed in the form of Fed member jawboning and decidedly hawkish minutes from the April FOMC meeting.
E Twisted Sister
The currency market is a close relative of the bond market, a sister if you will. Trends or volatility in one market can impact the other. Thus, bond market participants often pay close attention to currency markets and vice versa.
E Dazed And Confused About Rates, Currencies And Policies?
The bond market might be taking this into account for in spite of the strong jobs data and rebound in manufacturing, yields of long-dated U.S. treasuries refuse to trend higher. However, there are other forces holding down long-term UST yields.
1 to 16 of 51 Posts
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