Treasury Bonds

The balanced budget: politicians had to move fast because the budget looked as if it might balance itself without their help. Wage Inflation: our belief that it has been accelerating has been wrong, particularly in Q2.

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Most of January was a downhill ride for the bond market, although high yield (junk) bonds typically moved up 2 or 3 points.

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After drifting lower in December, the bond market drifted higher in January. Corporates turned in the best showing, with two-point gains fairly typical. Municipals were up 1 1/2 points while Long T-bonds moved up about a point. Yields declined 20 to 40 basis points, depending on the type of security.

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