“Investors have been building positions by 'piling into' high-grade corporate bonds to avoid the negative carry of government debt.”

 “History shows pretty consistently that yields rally hard starting three to four months before the Fed actually starts cutting... That could happen 'a month or two from now, six months from now, or not until 2025.'”

 “Companies are taking advantage of the low prevailing credit spreads in the market and locking in that risk premium for their borrowings.”

 “Corporations might be finding a sweet spot in the markets right now... They can lock in the lowest yields on the yield curve, while a substantial number of investors, eager to speculate on an aggressive rate-cutting cycle, are willing to extend duration.”

 “We enter the weekend with another round of inflation behind us. A weak retail-sales number. Slowing economic data. And a chorus of Fed speakers reiterating a Fed that’s firmly on hold. Markets are now pricing in a full cut by the September meeting and the window for 2024 is closing quickly.”