Weekly Fixed Income Update | Lord Abbett
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WEEKLY FIXED INCOME UPDATE

For the week of May 3, 2021

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CHART OF THE WEEK: Consumer Spending and Personal Income

THE WEEK IN REVIEW

Spreads generally tightened across most credit sectors last week with the steepening U.S. Treasury yield curve.   The rise in yields was prompted by inflationary concerns as Fed (Federal Reserve) Chairman Powell reaffirmed that accommodative policy would continue even though recent reports signal strong economic growth.   While investment grade bonds were generally lower on the week on higher Treasury yields, high yield bonds and leveraged loans posted positive total returns, and short-term investment-grade corporates managed to produce modestly positive returns, outperforming longer duration corporates.

Consumer spending surged to start 2021 to return to the pre-pandemic trend in spending growth. However, when considered against the enormous increase in personal income, fueled in large part by the extraordinary amounts of fiscal stimulus that has been largely unspent by consumers, the increase seems small relative to what may come. A large percentage of stimulus checks have gone into savings, or to pay down debt, as consumers had little ability to spend. As the economy continues to reopen, amid a surprisingly robust labor market, consumer spending may be poised to surge even further.

THE WEEK AHEAD

Tuesday
U.S. International Trade in Goods & Services
U.S. Redbook
Factory Orders

Wednesday
ADP Employment Report
PMI Composite Final
ISM Services Index
EIA Petroleum Status Report

Thursday
Jobless Claims
U.S. Productivity & Costs
EIA Natural Gas Report
Fed Balance Sheet

Friday
Unemployment Situation
Wholesale Inventories
Consumer Credit





   

Index Returns

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1 Week YTD 1-YR 3-YR 5-YR
U.S. Aggregate -0.18 -2.61 -0.27 5.19 3.19
IG Corporates -0.27 -3.44 4.25 6.65 4.63
HY Corporates 0.20 2.01 20.01 6.65 7.31
Bank Loans 0.09 2.53 16.39 4.14 5.04
IG Corporates 1-3 Year 0.06 0.22 3.71 3.90 2.80
Global Aggregate -0.36 -3.25 3.95 3.79 2.64





   
   
      
      

TREASURY RATES

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Latest 1-YR Low 1-YR High 1-WK Change YTD Change 1-YR Change
2 Year 0.16 0.10 0.21 0 4 -3
5 Year 0.85 0.19 0.94 3 49 49
10 Year 1.63 0.51 1.75 7 71 100
30 Year 2.30 1.18 2.46 6 65 103





   
   
      
      

CREDIT SPREADS

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Latest 1-YR Low 1-YR High 1-WK Change YTD Change 1-YR Change
IG Corporates 88 88 213 -2 -8 -114
HY Corporates 291 290 757 -7 -69 -453
EM Aggregate 273 263 655 -2 -8 -346
CMBS 65 64 172 0 -16 -107
MBS 7 7 75 -3 -32 -32
ABS 31 26 159 0 -2 -128





   
      
      

Other Indicators

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Latest 1-WK Change YTD Change 1-YR Change
S&P GSCI 505.85 11.75 96.40 248.81
Crude Oil - WTI ($) 63.58 1.40 15.06 44.74
5-Yr Breakeven Inflation Rate (%) 2.59 0.15 0.62 1.89

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