Midday Commentary: High-grade bond market activity surges early in Thursday session

By Cristal Cody

Tupelo, Miss., Aug. 1 - Investment-grade secondary bond market activity picked up early Thursday after action waned in Wednesday's session following the Federal Open Market Committee's statement that the Federal Reserve will continue its quantitative easing program, traders said.

"Too busy," one trader said when reached early Thursday.

Other traders also reported heavier activity in the morning session as high-grade bonds on average firmed early in the day.

The Markit CDX Series 20 North American Investment Grade index was in 1 basis point at a spread of 75 bps.

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