So today we saw the 10 year treasury move to 1.505% for the 1st time in June before backing off a little and closing at 1.485%. Oh well–not such a big deal. The difference this time is expectations are for continuing higher rates–as we all know it isn’t so much the direction as it is the speed of the move–up 2 basis points today won’t kill us.
Generally $25 preferreds and baby bonds were a little red today–not too much–maybe 4-5 cents. I note that some of the B Riley Financial (RILY) baby bonds fell by 1-1.5% as numerous big blocks were sold during the day. Some systems are showing big losses in Fifth Third Bank (FITB), but these issues went ex dividend today.
All in all not a terrible day—and with pertinent news somewhat sparse this week maybe we will see some firming in income issues–at least on a temporary basis.