Market Commentary – 7/1/16

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1–2 minutes
fall-yields

What a difference a week makes! Global equities rebounded throughout this week. The stock markets surged on what may have been an over-reaction to “Brexit”.

Last Friday was a vicious week for global equities as markets dropped in response to the unexpected vote by the United Kingdom to leave the European Union. This was all to the benefit of bonds as yields plunged both in the United States and abroad. How all of this works out is anyone’s guess, but, mortgage interest rates benefited from falling yields.

Uncertainty is very friendly for bonds. With so many complex issues surrounding the marketplace, we are biased toward U.S. bond yields going lower. However, it is hard to argue with locking in rates with the 10-year U.S. note trading near 1.400%.

Have a great 4th of July!

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