Daily Market Commentary

August 9, 2018

Bonds
Treasuries extend advance sparked by soft July PPI, richening 10-year yields by 2.7bp on the session; long-end lags, steepening the curve ahead of record $18b 30-year bond auction at 1pm New York time.

Economy
U.S. stocks hovered within striking distance of all-time highs, while Treasuries rose as investors weighed the latest salvos in the trade war with China and sanctions that torpedoed the Russian ruble. Oil held near a seven-week low.

Global
Puerto Rico bonds soared as much as 30 percent after the island reached a debt restructuring deal with owners of its sales-tax backed securities, marking a significant milestone in the government's record bankruptcy.

The information represented herein was obtained from various sources, which we believe to be reliable. Neither the information presented nor opinions expressed constitutes an offer to buy or sell any security. And it is not intended to guide the investor on which securities to buy or sell.

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