Fixed Income Weekly Commentary

Latest edition · July 13, 2026

Weekly fixed income commentary Rates rise as inflation data looms

Fixed income markets faced negative returns as Treasury yields rose across the curve in a bear-steepening trend ahead of critical upcoming inflation data. Despite yield pressure and record investment grade supply, credit volatility remains contained and fund inflows have held firm.

Fixed income markets experienced a challenging week as Treasury yields rose between 4-8 basis points across the curve, leading to negative returns for most sectors including the U.S. Aggregate Bond Index. Markets are balancing geopolitical uncertainty with persistent inflation concerns, awaiting CPI and PPI data to inform the Federal Reserve's path. While investment grade supply reached record levels, triggering wider new issue concessions, high-quality income sectors remain favored by the firm, with credit fundamentals continuing to provide underlying support.

Key takeaways from the latest edition

• 1.The 10-year Treasury yield rose 8 bps to 4.56% as rates bear steepened across the curve in a quiet week.
• 2.Fixed income spreads widened modestly, though credit volatility remained contained and investment grade fund inflows stayed above the four-week average.
• 3.Inflation data (CPI, PPI) will be critical in shaping the future rate outlook.

What this series covers

• Market recap
• Outlook
• Key takeaways
• Weekly fixed income snapshot
• U.S. Treasuries
• Tax-exempt municipals
• Taxable municipals
• Investment grade corporates
• U.S. high yield corporates
• Preferred securities
• Senior loans
• Securitized credit
• Global emerging markets
• U.S. Treasury market yields
• Fixed income characteristics and returns

Edition archive

• Weekly fixed income commentary Rates rise as inflation data looms

  July 13, 2026

• Weekly fixed income commentary Bond markets breathe as yields ease

  June 15, 2026

• Weekly fixed income commentary Strong jobs data put Fed rate hike back on the table

  June 9, 2026