Daily Market Commentary

March 18, 2019

Bonds
Treasuries little changed inside Friday’s ranges after paring Asia-session declines. Yields are mixed, however, with long end lagging, pushing 5s30s toward Friday’s YTD high above 62bp. Volumes light in both futures and cash, with little of note slated before Wednesday’s FOMC meeting.

Economy
The Federal Reserve will bring the current cycle of interest-rate increases to an end after one more hike later this year, according to a Bloomberg survey of economists. The median of responses in the March 13-15 poll predicted one hike in Sept, compared with two 2019 increases forecast in the Dec. survey.

Global
Brazil economists bet the central bank will be slower to raise interest rates next year as Latin America’s largest economy got off to a bad start in January. Economists cut their forecast for the benchmark Selic rate to 7.75 percent at end-2020, from 8 percent previously, according to a weekly central bank survey.

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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