Thursday, April 28, 2016
- The national homeownership rate slipped to 63.5% at the end of Q1, according to the Census Bureau. That's thirty basis points lower than Q4 and twenty bps below the level of one year ago. At the peak in 2005, it topped 69%.
- The rental vacancy rate of 7% was flat from Q4 and down 10 bps from a year ago. In 2010, it was 10.6%. In the meantime, the median asking rent for rental units continues to move higher.
- Apartment REITs: EQR, AVB, ESS, PPS, UDR, AIV, CPT, MAA, IRET, IRT, MORE, NXRT, APTS, BRG
- April Kansas City Fed Composite Index: -4 vs. -6 in March
- U.S. fixed mortgage rates move higher but remain well under 4% as the heart of the spring homebuying season begins, Freddie Mac says in its latest weekly survey.
- The 30-year fixed-rate mortgage averaged 3.66% in the latest week, up from 3.59% a week ago, while the 15-year fixed-rate mortgage averaged 2.89%, up from last week's 2.85%.
- A year ago, the respective 30-year and 15-year fixed rates averaged 3.68% and 2.94%.
- Bloomberg Consumer Comfort Index 43.4 vs. 42.9 last week.
- GDP growth in Q1 was its slowest in two years at just 0.5% (annualized), and missed consensus forecasts for 0.7%. Growth in Q4 was 1.4%.
- Gross domestic purchases, however, was a stronger 0.9%, though slowed from Q4's 1.5%. In addition, the Fed's favored inflation measure - the core PCE price deflator - rose by a speedy 2.1%, the fastest pace since Q1 of 2012.
- Dragging down the headline was net trade, which subtracted 0.33% from growth amid a strong dollar. Fixed investment was a drag on growth for the first time since Q1 of 2011.
- Yields are more or less as they were prior to the 8:30 ET print, marginally lower on the session.
- TLT flat, TBT flat premarket
- Initial Jobless Claims: +9K to 257K vs. 260K consensus, 248K prior.
- Continuing Claims 2.13M vs. 2.137M prior.
- GDP Q1: +0.5% vs. +0.7% consensus, +1.4% in Q4.
Wednesday, April 27, 2016
- As expected the Federal Reserve held the Fed Funds rate target unchanged at 0.25-0.5%. The vote was 9-1, with Kansas City Fed boss Esther George again dissenting from the hawkish side.
- As for hints about June, the policy statement takes note of continuing strengthening in labor markets, but also of a moderation in household spending and inflation continuing to run below target.
- March Pending Home Sales: +1.4% to 110.5 vs. +0.5% expected, 3.4% prior (revised from 3.5%).
- Mar. Trade Balance in goods: -$56.9B vs. -$62.6B expected and -$62.9B prior.
- Donald Trump has declared himself the "presumptive nominee" for the Republican party in November's presidential election after victories in the five north-eastern states of Pennsylvania, Maryland, Connecticut, Rhode Island and Delaware.
- Trump now has an estimated 950 of 1,237 delegates he needs to win the nomination.
- Meanwhile, Hillary Clinton won four of the states as Bernie Sanders took Rhode Island. Clinton has 2,141 of the 2,383 delegates she requires.
Tuesday, April 26, 2016
- It's not the news that matters, say traders, it's the way markets react. If so, then long-dated Treasurys are firmly ensconced in a bear move as the 10-year yield climbs to 1.94% despite soft reads this morning on durable goods and consumer confidence.
- Tomorrow will see the results of the FOMC's two-day meeting, and the policy statement will be studied for clues about the chances of a June rate hike.
- Also at work is oil - it's up more than another 3% today, and now selling for more than $44 per barrel.
- TLT -0.35%, TBT +0.7%
- ETFs: TBT, TLT, TMV, TBF, EDV, TMF, TTT, ZROZ, VGLT, TLH, SBND, UBT, DLBS, TLO, LBND, VUSTX, TYBS, DLBL
- April State Street Investor Confidence Index: -5.7 to 109.1 vs. 114.8 (revised) in March.
- The ICI reading fell the sharpest in North America.
- April Richmond Fed Mfg. Survey: +14 vs. 12 expected, +22 previous.
- Shipments 14 vs. 27 prior.
- New order volume 18 vs. 24 prior.
- Prices paid 1.07 vs. 0.6 prior.
- Apr. Consumer Confidence: 94.2 vs. 96.0 consensus; 96.2 in Mar (revised).
- Present situation Index 114.9 vs. 116.4
- Expectations Index 79.3 vs. 83.6.
- “Consumer confidence continued on its sideways path, posting a slight decline in April, following a modest gain in March,” said Lynn Franco, Director of Economic Indicators at The Conference Board.
- Feb. S&P Case-Shiller Home Price Index: +0.7% M/M vs. +0.8% consensus, +0.8% prior.
- +5.4% Y/Y (N.S.A) vs. +5.5% consensus, +5.7 prior.
- "Home prices continue to rise twice as fast as inflation, but the pace is easing off in the most recent numbers," said David Blitzer M.D. & Chairman of the Index Committee at S&P Dow Jones Indices.
- Mar. Durable Goods: +0.8% vs. +1.6% expected, -3.1% prior (revised).
- Core -0.2% vs +0.5% expected, -1.3% prior.(revised)
- The FOMC is today scheduled to start the first of a two-day meeting where it's expected to hold rates at 0.25-0.5%.
- As ever, there will be as much interest in the Fed's statement as in the decision itself, with all and sundry looking for clues as to what bank officials might decide in their next meetings.
- Optimism about the economy could signal a rate rise in the near future but pessimism could indicate not anytime soon.
- Janet Yellen wasn't particularly helpful when she said recently that the U.S. is "on a solid course" but that "we're suffering a drag from the global economy."
Monday, April 25, 2016
- “There is a strong feeling of déjà vu in markets right now,” says UBS's Jeff Greenberg, commenting on what's become an annual rite - a move up in interest rates as investors become convinced economic and geopolitical concerns are off the table. "The similarities in some markets are uncanny."
- After falling to nearly 1.50% at the lows in mid-February, the 10-year Treasury yield has shot up to 1.90%. Similar moves are evident in government bond markets overseas - Germany, for instance, has seen its 10-year Bund yield rise to 0.23% from 0.08%.
- Fans will be reminded of last year when the Bund yield shot all the way to 1% from 0.07% before a quick reversal.
- ETFs: TBT, TLT, TMV, TBF, EDV, TMF, TTT, ZROZ, VGLT, TLH, SBND, UBT, DLBS, TLO, LBND, VUSTX, TYBS, DLBL
- April Dallas Fed Manufacturing Outlook: -13.9 vs. -9.0 expected and -13.6 in March.
- Production: +5.8 vs. +3.3 prior.
- March new home sales at a seasonally adjusted annualized rate of 511K fell from 519K in February vs. expectations for a small gain to 520K. The pace is "just" 5.4% above that of a year-ago. We say "just" since double-digit year-over-year gains had been the norm for awhile.
- As ZeroHedge (who else) points out, the pace of new homes sales has now fallen for three straight months - the first such streak since 2011.
- Checking regions, the West was particularly notable, with sales plunging to 107K from 140K. Sales in the Northeast were steady, and in the Midwest and South gained.
- ITB -0.55%, XHB -0.6% - both inline with the S&P 500's decline today.
- Now read: Chart Of The Day: Single Family Construction - Stuck In The Sub-Basement Of History (April 21)
- March New Home Sales: -1.5% to 511K vs. 520K expected, 519K prior (revised from 512K).
- Ted Cruz and John Kasich have finally joined together in what Donald Trump labelled a desperate attempt to stop him from winning the Republican nomination for president outright before the party's national convention in July.
- Cruz will focus on Indiana and leave Kasich to fight Trump in Oregon and New Mexico, while Kasich will pull resources out of Indiana.
- The shenanigans come as business leaders become increasingly unhappy about the populist and antibusiness tone of the GOP and Democratic primaries.
Friday, April 22, 2016
- The FOMC will almost certainly be standing pat at its meeting next week, but the key question, says Goldman's Jan Hatzius, will be what the committee does with its balance of risks assessment, which hasn't made an appearance after the last two meetings.
- For his part, Hatzius expects the statement to say risks are "nearly balanced," or to otherwise indicate that downside risks have receded since early this year. Will a "nearly balance" remark be enough to have markets pricing in a June rate hike?
- Now read: PMI Data Points To A Weak Start For U.S. Manufacturing In Q2
- Apr. US PMI Manufacturing Index Flash 50.8 vs. 52.0 consensus, 51.4 prior.
- Production volumes close to stagnation amid renewed slowdown in new business growth.
- Weakest rise in manufacturing employment since June 2013.
Thursday, April 21, 2016
- Freedie Mac's latest weekly survey shows mortgage rates largely unchanged and remaining near their low mark for 2016 at the start of the spring home buying season.
- The 30-year fixed-rate mortgage averaged 3.59% in the latest week, up from last week's 3.58%, while the 15-year fixed-rate mortgage averaged 2.85%, down from 2.86% a week ago.
- Last year at this time, the 30-year and 15-year fixed mortgage averaged 3.65% and 2.92%, respectively.
- Mar. Leading Indicators: Leading Index +0.2% to 123.4 vs. +0.5% expected, -0.1% in Feb. (revised)
- Coincident Index flat vs. +0.1% prior.
- Lagging Index +0.4% to 120.9 vs. +0.5% prior.
- “With the March gain, the U.S. LEI’s six-month growth rate improved slightly but still points to slow, although not slowing, growth in the coming quarters,” said Ataman Ozyildirim, Director of Business Cycles and Growth Research at The Conference Board.
- Bloomberg Consumer Comfort Index 42.9 vs. 43.6 last week.
- "Just 26% think the national economy is getting better, essentially unchanged from the last two months."
- March Chicago Fed National Activity Index: --0.44 vs. -0.38 prior (revised).
- Feb FHFA Housing Price Index: +0.4% to 231.4 vs. +0.4% consensus, +0.4% (revised) in January.
- +5.6% Y/Y vs. +6% prior.
- April Philly Fed Business Outlook: -1.6 vs. 8.9 expected, 12.4 prior.
- Initial Jobless Claims: -6K to 247K vs. 265K consensus, 253K prior .
- Continuing Claims 2.137M vs. 2.171M prior.
- Puerto Rico's Government Development Bank, operating under a state of emergency, has filed with regulators to sell debt as officials negotiate with creditors about a $422M payment due on May 1.
- According to the Municipal Securities Rulemaking Board's website, the taxable securities would mature in May 2017.
- The U.S. Congress is also working on legislation aimed at resolving the crisis, but that process is hitting roadblocks.
Wednesday, April 20, 2016
- BHP Billiton (BHP +3.2%) says it is considering quitting its coal assets in Indonesia amid uncertainty over government regulations and a weak outlook for coal.
- BHP owns a 75% stake in the huge IndoMet Coal project after selling the rest in 2010 for $335M, but coal asset prices have collapsed since then, and analysts say BHP would be lucky to fetch $200M now for the stake in a largely undeveloped resource; IndoMet is said to hold at least 1.27B metric tons of coal resources.
- "Does it move the dial for BHP? No, but it's a really high quality met-coal property and potentially a fantastic opportunity for an Indonesian company with the right connections," one analyst tells Reuters.
- Now read BHP Billiton cuts iron ore supply target as quarterly output falls
- After some wild swings in the year's first quarter, the 10-year Treasury yield has been stuck in a range of 1.68%-1.8% all month, and between 1.77%-1.8% over the past week.
- "Remarkable," says CRT Capital's David Ader, and with little economic data today, no Fed speak, and no supply, it's best right now to be silent on the outlook.
- RBS's John Briggs says the action of late has been in the 3-5 year area of the curve as those "carry-rich" spots became popular when the Fed last month signaled it was unlikely to hike rates in April and maybe even June.
- Now read: Labor Trends Lead To Earnings Growth But Will The FOMC Derail The Economy?
- March Existing Home Sales: +5.1 Y/Y% to 5.33M vs. consensus 5.30M, 5.07M previous.
- U.S. prosecutors have opened a criminal investigation "regarding matters" related to the Panama Papers leak that has revealed thousands of offshore bank accounts linked to the rich and powerful.
- The bulk of the revelations in the Panama Papers relates to non-U.S. citizens, but the government may be looking into whether Americans used the law firm to evade duties that DOJ is unaware of, or investigations that are not necessarily tax cases.
- Donald Trump and Hillary Clinton notched resounding victories in New York Tuesday night, ending losing streaks for both campaigns as they moved significantly closer to their parties' nominations.
- Election results showed the front-runners landed about 60% of the Republican and Democratic vote in the delegate-rich state.
- The next important date is April 26, which will see primary contests in Connecticut, Delaware, Maryland, Pennsylvania and Rhode Island.
Tuesday, April 19, 2016
- The country's largest insurer will pare its presence from 34 states currently to "only a handful" in 2017, says CEO Stephen Hemsley, speaking on the earnings call (transcript). "[The] smaller overall market size and shorter-term, higher-risk profile within this market segment continue to suggest we cannot broadly serve it on an effective and sustained basis.”
- The company now expects to lose $650M on its 2016 exchange business vs. earlier guidance of $525M.
- UnitedHealth's (UNH +1.9%) exit would cut the number of options for some consumers, leaving at least a few with just one insurer to choose from.
- It's just a flesh wound, according to the government, which in the past has said it expects exits and entries of insurers from/into the state marketplaces.
- Now read: Why UnitedHealth Remains The First Health Care Stock To Own (April 11)
- The tracking/forecasting gauge sees Q1 GDP growth of 0.3% - unchanged from April 13, but still well below the 2% estimate just one month ago..
- The Blue Chip consensus forecast held steady for awhile, but is now beginning to track towards the GDPNow projection - it's down to about 1.3% vs. 2% a couple of weeks back.
- Now read: Economy Is Much Weaker Than Believed While The Stock Market Ignores Fundamentals
- March's seasonally adjusted annualized rate of 1.089M housing starts fell 9% from February, though it was 14.2% higher than a year ago. Permits also fell, touching a 12-month low of 1.09M - down 7.7% for the month, but 4.6% higher Y/Y.
- Economist Ian Shepherdson brushes off the weak March print as likely depressed by an earlier Easter. Trulia's Ralph McLaughlin takes a longer view - a 12-month rolling total of starts is up 13% vs. a year ago, the best since 2007. It's still 21% below the 50-year average.
- The homebuilder ETFs ITB and XHB are up 0.2%, roughly inline with the S&P 500's gain today.
- Now read: Housing Construction Forecast 2016-2017: Forget The Old Normal (April 17)
- The headline jobs numbers continue to look good, but a peak under the hood may be offering an early indicator of a coming recession, writes Rich Miller at Bloomberg.
- The issue is temporary employment, which peaked prior to the last two recessions, and is currently showing signs of topping out - it's declined in two of the past three months and is lower by 1.8% YTD even as payrolls continue to grow.
- Temp employment peaked 11 months prior to the 2001 recession and 16 months ahead of the 2007 downturn.
- "I am a little concerned," says the CEO of Express Employment Professionals. "Our industry is always on the front end of a recession." His business is up just 2-3% this year vs. last year's double-digit gain.
- March Housing Starts: 1.089M vs. 1.167M expected and 1.194M prior (revised from 1.178M).
- The mark is down 8.8% from last month.
- Republican Donald Trump and Democrat Hillary Clinton hope to emerge victorious at today's primaries in New York, contests that offer big delegate hauls and an opportunity to inch closer to their parties' nominations.
- The front-runners expect to win in part on the strength of their local ties. Clinton was twice elected senator from NY, while Trump was born in Queens and is known for his real estate in Manhattan.
Monday, April 18, 2016
- Why has consumption not responded to the crash in the oil price, ponder researchers at the San Francisco Fed? The stronger dollar could be at work, and then there's the fact that product prices haven't fallen at the same pace as oil.
- Another possible reason, though, is the impact of a change in the oil price depends not only on its magnitude, but its perceived persistence. Consumer spending is more likely to rise if people believe the decline in prices will last for awhile. Conversely, if the drop is seen as a blip, consumers are more likely to save what they're not spending at the pump.
- A lesson from the big move higher in oil earlier this century. Consumers didn't begin to perceive it as "permanent," until early 2008 - right about the time the price of Texas Tea peaked.
- For those looking for a quick rebound in the oil price, consider that consumers of today still consider the move of the last year to be largely temporary.
- ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM
- The former Goldmanite, turned TARP-Czar, turned Minneapolis Fed President Neil Kashkari has made breaking up the big banks his "thing" since joining the Fed on Jan. 1, but today offers some comments on the economy and monetary policy.
- Sounding like he's in agreement with the current caution on further rate hikes, Kashkari praises Janet Yellen for her work, and says international developments need to be a part of the Fed's framework on monetary policy.
- April's NAHB Housing Market Index came in at 58, level from March, and just under expectations for 59. It's the third consecutive month at 58.
- The sub-index of sales expectations for the next six months rose one point to 62, and the buyer traffic gauge also gained a point to 44. Current sales conditions fell two points to 63.
- Now read: 5 Best-Performing Real Estate Mutual Funds Of Q1 2016 (March 31)
- The U.S. Supreme Court will take up a case today probing the limits of presidential powers as justices weigh whether President Obama overstepped his authority with unilateral action to protect millions of people in the country illegally from deportation.
- With the court evenly divided between liberals and conservatives following the February death of Antonin Scalia, there is a possibility a 4-4 split that would leave in place a 2015 lower-court ruling that threw out the president's executive action that bypassed the Republican-led Congress.
Friday, April 15, 2016
- Chicago Fed President Charles Evans won't disappoint his dovish fans with that thought. He says the wait and see approach is appropriate given the risks, and needs more confidence inflation will rise to its target level before tightening further (note to Evans: Core consumer prices in March were up 2.2% Y/Y).
- In the "Did he just say that department," Evans says the sobering experience of Japan and the EU means the Fed should do all it can to avoid a similar outcome (note to Evans: Japan has been easing monetary policy for 25 years, and has negative rates all the way out to 10 years on the curve ... its currency is currently strengthening).
- Apr. Reuters/UofM Consumer Sentiment: 89.7 vs. 91.8 expected and 91.0 prior.
- Current economic conditions 105.4 vs. 105.6 prior.
- Index of consumer expectations 79.6 vs. 81.5.
- Mar. Industrial Production: -0.6% to 105.5 vs. -0.1% consensus, -0.5% prior.
- Capacity utilization: 74.8% vs. 75.4% consensus, 76.7% prior.
- Apr. Empire State Survey: +9.56 vs. +3.0 consensus, +0.62 prior.
- New Orders +11.14 vs. +9.57
- Shipments +10.17 vs. +13.88.
Thursday, April 14, 2016
- "Our fundamental outlook for leveraged credit remains constructive," says Global CIO Scott Minerd, noting spreads of more than 900 basis points in February are consistent with six-month default rates in the 9-10% range - an overestimation in his view.
- Though spreads have narrowed since, Guggenheim is still finding bargains in both high-yield (HYG, JNK) and bank loans, and Minerd reminds bank loan borrowers in particular could benefit from the Fed's caution on rate hikes (bank loans tend to be floating rate).
- Guggenheim's Floating Rate Strategies Fund (MUTF:GIFAX) is near the top of bank loan funds, with an average annual return of 2.84% over the last three years.
- Bank loan ETFs: OXLC, BKLN, PPR, EFR, VVR, ECC, BGB, PHD, SRLN, NSL, BGX, FCT, BSL, AFT, EVF, SNLN, TSLF, FTSL, TLI, BHL
- Mortgage rates declined slightly from the previous week to reach a new low for the year, according to the latest survey from Freddie Mac.
- The 30-year fixed-rate mortgage averaged 3.58% in the latest week, down from last week's 3.59%, and the 15-year fixed-rate mortgage averaged 2.86%, down from 2.88% a week ago.
- A year ago, the respective 30-year and 15-year fixed rates averaged 3.67% and 2.94%.
- The Bloomberg Consumer Comfort Index registers at 43.6 vs. 42.6 last week.
- March Consumer Price Index: 0.1%, 0.2% consensus, -0.2% prior.
- Core CPI +0.1%, +0.2% consensus, +0.3% prior.
- Initial Jobless Claims: -13K to 253K vs. 267K consensus, 266K prior (revised).
- Continuing Claims 2.171M vs. 2.191M prior.
- Tax Day is the annual reminder of how deeply the government reaches into our pockets. One way to reduce your income tax burden? Switch states.
- State income taxes are all over the place. Eight states have a flat tax, applying the same percentage levy across all incomes. Three states actually have regressive income taxes, where the mega-wealthy pay a lower percentage of their taxable income than those in the middle. And nine states have no income tax at all.
- See how your state stacks up »
- Legislation to help Puerto Rico climb out of a debilitating debt crisis has hit new resistance in Congress, prompting Republicans to cancel a planned work session today to discuss the measure.
- A spokeswoman for the House Natural Resources Committee also confirmed that the meeting hasn't been rescheduled.
- Earlier this week, a bill released by the panel described the creation of a control board to facilitate some court-ordered debt restructuring, although it wouldn't give the island broad bankruptcy authority.
Wednesday, April 13, 2016
- Economic activity continued to expand in late February and March, though the pace varied across most districts. Labor market conditions continued to strengthen, with just Cleveland indicating a decline in overall employment.
- Fed Beige Book
- Growth in demand for nonfinancial services picked up to a moderate rate (from modest). As for manufacturing, only Cleveland and Kansas City reported declines in activity. Credit conditions improved in most districts, with just Dallas saying the lending outlook remained cautious.
- Wages increased in all but the Atlanta district, with several districts reporting a pickup in wage growth from the last survey period.
- As for energy, there are signs the drop in oil and gas production may have ended.
- Now read: The Fed Is Stuck In A Catch 22
- The Atlanta Fed's GDPNow model has made news of late for its sharply falling projection of U.S. GDP growth in Q1 - now seeing just 0.1% growth vs. 2.3% predicted one month ago.
- That's not towing the party line of continued steady growth, so the FRBNY today introduces its "Nowcasting Report" which sees Q1 GDP growth of 1.1% and Q2 of 1.9%. It'll be updated weekly beginning on April 15.
- Now read: Dueling Fed GDP Trackers (April 13)
- April Atlanta Fed BIE: +1.7% vs. +1.8% prior.
- Feb. business inventories: -0.1% at $1,812.1B in-line with consensus; +0.1% prior.
- Sales -0.4% to $1,284.4B.
- Inventory/Sales ratio of 1.37.
- March Retail Sales: -0.3% M/M vs. +0.1% expected, 0.0% prior (revised from -0.1%).
- Core Retail Sales +0.2% M/M vs. +0.4% expected, 0.00% prior (revised from -0.1%).
- Retail Sales less autos and gas +0.1% vs. +0.3% expected, +0.6% prior (revised from +0.3%).
- Ruling out a bid as a Republican presidential nominee, Paul Ryan has finally quashed rumors about his candidacy for the country's top job.
- "Let me be clear: I do not want nor will I accept the nomination of our party," the U.S. House Speaker declared.
- Some had speculated that Ryan could have entered the fray during a brokered Republican National Convention in July.
- Policymakers in Washington raced on Tuesday to unveil a bill that would allow Puerto Rico to restructure its $70B burden, as Republicans and Democrats squabbled over the details.
- The federal legislation would create a seven-member oversight board appointed by President Obama from lists provided by majority and minority leaders in both chambers of Congress.
- It would also introduce so-called collective action clauses, which would separate creditors into different pools based on their holdings and allow them to vote on modifications to the debt.
Tuesday, April 12, 2016
- Richmond Fed President Jeffrey Lacker says his outlook hasn't changed since December and he thinks the central bank ought to stick to its plan to boost rates four times this year.
- The market convulsions that scared the Fed away from hiking rates so far this year have mostly reversed, he reminds.
- Lacker isn't a voter on the FOMC this year.
- Now read: Has Anything Changed From A Macro Level?
- The IMF cut its global and U.S. growth forecasts yet again, and a couple of Fed speakers stressed the need for caution with rate hikes, but it's a risk-on session, with stocks up 1% and oil up 4.2% to a new 2016 high.
- The 10-year Treasury yield is ahead five basis points to 1.78%. TLT -0.8%, TBT +1.6%
- It may be a buying opportunity, as BlackRock CIO for fixed income Jeffrey Rosenberg tells Bloomberg U.S. rates may look low, but they're actually pretty high when compared to the rest of the developed world.
- The ratio of high-yield ETF volume to actual bond trading hit a record high of 42% on Dec. 11, according to Fitch. This even as high-yield ETF assets were just $34B vs. $1.2T in high-yield bonds (as of the end of February).
- The increase in ETF volumes is happening during a period of declining dealer inventories of high-yield corporate paper.
- Full report (login required)
- Now read: Risk Is On, Buy A High Yield Corporate Bond ETF
- ETFs: HYG, JNK, HIX, DHY, HYLD, PHT, EAD, HYT, JQC, CIK, DSU, HHY, SJB, NHS, ACP, PHF, MCI, FHY, KIO, ANGL, ARDC, VLT, CIF, AIF, MPV, MHY, PCF, DHG, IVH, HYLS, JSD, UJB, GGM, CJNK, QLTC
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