SAS Issuers Flock to High-Grade Bond Market Fear of global slowdown Movement in investment-grade bond yields last week was impacted by the stock market decline, economic indicators, and the release of the FOMC (Federal Open Market Committee) minutes. All major US stock indices plunged amid fear of a global slowdown and, most importantly, a slowdown in the Chinese economy. The flash reading from the Caixin Purchasing Managers’ Index (or PMI) for China for August came in at 47.1 points compared to 47.8 points in July. This indicates that manufacturing output is declining. Economic indicators moved bond yields The following are some economic indicators that moved bond yields last week: On August 18, housing starts data were released. Housing starts were up 0.2% month-over-month... More