The S&P 500 opened last week at 3024 which pretty much was the high for the week as the index tumbled by more than 90 points (3%ish).
The 10 year treasury traded at a high of 2.08% before the FOMC meeting and then tumbled all the way down to 1.84% before closing the week at 1.85%.
The Fed Balance sheet fell by a giant sized $24 billion last week. Fed Chair Powell has now announced an end to quantitative tightening so we may quit following this down the road.
The average $25 preferred stock and baby bond was up another 14 cents last week to $25.25. We now have 139 issues trading at $25 or below–10 issues fewer than last week.
We had 1 new income issues sold last week.
Highland Income Fund (NYSE:HFRO) , a CEF, has sold an investment grade preferred stock with a coupon of 5.375%. The issue is now trading under the permanent ticker of HFRO-A and closed at $25.07 last Friday.
The Newtek issue announced the week before began to trade. Newtek Business Services (NASDAQ:NEWT) sold a new baby bond with a coupon of 5.75% and ticker of NEWTL (note that this ticker has been used before). They are redeeming their NEWTZ 7.50% issue. The new issue closed at $25.34 last week.
Disclosure–we bought small positions in each of these issues.