Stocks rallied throughout the day yesterday, and picked up steam after the 2pm Fed minutes hinted towards a policy shift next month pushing the S&P 500 and Dow higher by 1.6% and 1.4%, respectively. Markets are now pricing in a very high likelihood that the Fed will move rates 28 days from now at their December meeting. Markets are opening mixed today as the world continues to digest global data. Oil continues to trade with a heavy tone, trading below $40 yesterday for a brief period for the first time since August, while treasuries are rallying this morning pushing the yield on the US 10-year note 4bps tighter to 2.25%. High yield is opening mixed this morning with high beta names for sale, while high quality names are better bid. Energy credits remain under pressure as has been the case for most of the year. Fund flows switched back to positive yesterday skewed mostly towards passive ETF’s with a net inflow for the day of $290 million. Five deals are on the calendar for today’s pricing after just one deal priced yesterday for $750 million in proceeds.

Daily fund flows sourced from J.P. Morgan.