The data and analysis contained in this monthly report provide transparency into the dynamics of the U.S. Fixed Income markets for retail investors. The report includes twenty-five charts and graphs to present the important trends in the market, including trade volumes, most active issuers, yield/spread movements and buy/sell ratios.
November market commentary:
Treasury, Agency and CD
- In November, yields in Treasury, Agency and CD remained flat (or increased slightly) compared to October levels. Daily trade volume (as measured by trade counts) increased but remained close to 12-month lows. A declining trend in the buy-to-sell ratio over the past few months continued as we saw relatively more sell orders in the retail markets.
- Compared to October levels, November yields in Corporate bonds increased but remained close to the 12-month low mark. At 4.2%, the median yield remains close to the lowest level over the past 10 years. After a relatively sharp decline in October, daily trade volume in November increased by 2% compared to October. The 1.2 buy-to-sell ratio remained flat and at a 12-month low.
- Yields for Municipal bonds continued their declining trends in November. At slightly above 2.5%, the median yield for Municipal bonds in November set a new 12-month low. Reversing the declining trends over the past few months, average daily trade volume increased sharply (8%) from the volume in October. The Buy-to-Sell ratio, however, dropped below 2 and set a new 12-month low.
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