Once again we start a week wondering if we will see some market movement of magnitude–one way or the other. We do note that 1st quarter GDP will be released on Friday and the Atlanta FED GDPNow forecast is now at 2.8% while the range of forecast from economist is between and 1 and 2% which is quite a contrast to the GDPNow forecast.
The SP500 traded in a range of 2891 to 2918 before closing the week at 2905–a range of less than 1% for the Good Friday shortened trading week. The 10 year treasury traded in a range of 2.54% to 2.61% before closing out the week at 2.56%.
The FED balance sheet assets fell by about $5 billion last week which gives us a drop of about $30 billion for the last month and leaves the balance sheet with $3.931 trillion in assets.
The average preferred stock and baby bond is trading at $24.72 which is 5 cents above the previous week. This leaves us with 244 issues trading at $25 or less which is virtually unchanged from the previous week (242 were at this level the previous week).
MLP giant Energy Transfer (NYSE:ET) was the only company to announced a new issue last week. The partnership announced a 7.60% fixed-to-floating rate issue which is currently trading on the OTC Grey Market under ticker ETPEP and last changed hands at $24.90/share. We did purchase a position in this one although we won’t likely hold long term.
The Sotherly Hotels new 8.25% preferred issue is still trading on the OTC under ticker SOHEP and closed last week at $25.20.