Debt Capital Markets

Weekly summaries of key drivers affecting the direction of taxable and tax exempt interest rates for municipal bonds.

William Blair’s Debt Capital Markets Weekly update summarizes key drivers affecting the direction of taxable and tax exempt interest rates for municipal bonds.

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Weekly Market Update | July 14, 2017

Fed Chair Yellen delivers dovish remarks to Congress. On the heels of what could have been Fed Chair Janet Yellen’s final Humphrey-Hawkins testimony, the Dow Jones Industrial Average rose to a new intraday high. The sapient scholar again confirmed the Fed’s plan to begin shrinking its own balance sheet beginning this fall, but toned down rhetoric for additional rate hikes this year, seemingly insisting that the balance sheet policy could single-handedly remove accommodation to prevent overheating the labor market.

View full July 14, 2017, report

Weekly Market Update | July 7, 2017

FOMC minutes assess the pause in inflation indicators to be temporary. Nonfarm payroll (NFP) reported robustly at 222,000 new jobs, well ahead of 178,000 expected, along with an upward revision of 44,000 to the prior month. The rise in the U-3 unemployment rate to 4.4% from 4.3% (the lowest rate since 2001) gives a fresh look at the recently protracted run of sluggish wage growth.

View full July 7, 2017, report

Weekly Market Update | June 30, 2017

Economic data was muted yet beat expectations. The economy slowed less than had been feared, due largely to increasing consumer spending, which represents more than two-thirds of economic activity. While the lowest indication since mid-2013, consumer spending increased at an annual pace of 1.1% for the first quarter of 2017.

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Weekly Market Update | June 23, 2017

Fixed-income markets have been very stable over the last week. Extremely low volatility in U.S. bond yields had the 10-year U.S. Treasury note trading in a very narrow range between 2.14% and 2.19%, leaving the benchmark index near its 2017 year-to-date low. The week was an unusually restive period, largely resulting from investors taking respite as they await a flurry of economic data that will be released in the coming days.

View full June 23, 2017, report