I guess we should expect anything different than a drifting market–both stocks and bonds as we await the FOMC results. You can be certain that the algos will drive prices sharply in both directions at 12:59 p.m. (central).
Preferreds and baby bonds are mostly drifting we a slight tilt upward.
Did you see the operating update from lodging REIT Pebblebrook Hotels (PEB) that I posted last night in the Headlines of Interest? PEB has been one of the few lodging REITs that I have liked over the years and seem worthy now of some deeper due diligence–with 4 preferreds outstanding with current yield in the 8.5% area I might take a nibble if they pass muster. On the other hand if we are truly facing a recession is now the right time? Don’t know but am going to check them out. Here is their update.