The market was mixed yesterday as energy credits rallied with oil being up for the fifth straight day while tech, retail and other sectors remain weak.  Four high yield bond new-issues priced yesterday for $2.315B in proceeds and there are six more on the books as the rush to get a print before the Q2 end tomorrow.  The US 10-year Treasury yield has spiked to 2.27% versus a low of 2.12% last week, which isn’t making much sense given some of the recent economic data, such as first quarter GDP being finalized at a mere 1.4% in growth.  The global government bond sell-off continued and the dollar fell overnight for the third straight day as the 10-year German Bund was +7bp to 0.43%.  The concern is the easy money will be taken away from the fake growth engine that the US and other developed countries have been using.  As the Canadian, euro and British pound rise against the dollar we expect this will hurt their exports and slow economic growth.  Some market investors has expressed concerned at the rate of return available in the markets today.  In our world, yes, high yield bonds are not yielding 8% – 9% coupons and returning 10 – 15% like they did years ago, but comparable Treasury yields are also not at 5 – 6% as they were back then, so investors need to keep that in mind as they look at investment options in the fixed income space.