After a steady grind higher the past several days for the high-yield market, we’re opening this morning flat and on the quiet side to end the week and month as everyone takes a pause after the busy week. With the Fed seemingly out of the way for now, high cash levels and an earnings season that has been positive so far, buyers came back this week looking to buy up paper they are comfortable with. August vacations will start to hit the market next week, worsening as the month moves on which will create some very thin trading markets. Fund flows for exchange traded and mutual funds remained negative Thursday with an outflow of  $400 million after reporting a weekly outflow of $1.7 billion last week.

Daily fund flow information sourced from J.P. Morgan.