High Yield Morning Update

High yield bonds and loans are better today, despite the rise in Treasury yields and outflows from bond funds.  Lipper reported that high yield bond mutual and exchange traded funds had an outflow of -$1.13 billion and floating rate loan mutual and exchange traded funds had an inflow of +$477 million for the weekly reporting funds for the week ending January 24th.

President Trump’s speech this morning in Davos is fueling a positive tone today as equities, oil and gold are all up despite a weaker than expected GDP post. Offsetting this was lower inventory levels and higher personal consumption.  Fueling some of the equity rally is the Intel earnings beat and that is pulling up the rest of the semiconductor space.  Biotech is also strong on a lot of M & A happenings.

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