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Morning Commentary: Investment-grade bond market quiets; primary, secondary action thin
By Cristal Cody
Tupelo, Miss., Aug. 23 – Financial markets, including the high-grade bond market, opened on Thursday mostly quiet, sources report.
No reported investment-grade issuers were marketing new deals at the start of the day.
Market attention was turning to the start of the Federal Reserve Bank of Kansas City’s annual economic policy symposium in Jackson Hole, Wyo., that begins on Thursday and ends Saturday.
Investors also were digesting the Federal Reserve’s minutes from its July 31-Aug. 1 monetary policy meeting that were released on Wednesday, with the prospect of a rate hike at the Sept. 25-26 meeting growing, a market source said.
Nearly $9 billion of high-grade bonds have priced week to date, in line with the $5 billion to $10 billion of volume forecast by market sources for the week.
Supply is expected to remain light until after the Labor Day holiday, according to syndicate sources.
High-grade secondary market volume also has been light over the week with some market participants out for end-of-summer holidays.
Trading volume on Wednesday totaled $15.99 billion, compared to $15.6 billion on Tuesday and $13.39 billion on Monday, according to Trace.
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