The S&P500 was hammered hard last week as Fed Chair Powell rained on the parade with his short, but hawkish speech, from Wyoming last Friday. The index fell 3.4% on Friday which brought the index loss to 4% on the week.
The 10 year treasury yield was up about 4 basis points on the week to close around 3.04%, although it had been as high as 3.13% earlier in the week.
The Federal reserve balance sheet rose about $2 billion last week. The balance sheet is about $115 billion smaller than the peak in April, 2022.
$25/share preferred’s and baby bonds took a lose last week with the average share price off by 24 cents. As might be expected investment grade issues were setback greater than the average share and they took a loss of 40 cents. Banks were off 32 cents, with CEF preferred’s off 12 cents, mREITs preferred’s off 9 cents with ocean shippers up by 4 cents.
Last week we had no income issues priced.