Bonds

The PC maker plans to repurchase as much as $1 billion of senior notes maturing between May 2024 and May 2027. It will pay for the buyback with proceeds raised in a January bond sale.

The forecast assumes US high-yield spreads will widen to 532 basis points over the next four quarters, from about 460 basis points at the end of May, with US unemployment rising to 4.8% from 3.7% in the same period.

Bond traders have overestimated month-over-month headline inflation heading into four of the last seven Consumer Price Index releases, says strategist Raghav Datla.

Economists surveyed by Bloomberg expect US policymakers to leave their key rate unchanged when they meet next week, though focus will turn to an upcoming reading of consumer price data for May.

The chatbot, powered by OpenAI Inc.'s GPT-4 language model, is an attempt to simplify work flows for traders who often navigate a complex market where liquidity is increasingly waning

Investors can get equity-like returns by investing in short-term publicly traded bonds, which are generating yields of 6% to 8%, Pacific Investment Management Co. executives said.

Traders amped up wagers on a June rate increase to about 40% after Fed Bank of Dallas President Lorie Logan said the case for a pause next month is not clear.

Funding conditions have eased since the height of financial-sector volatility in March, with US new issue concessions and average yields dropping.

Treasury two-year yields slumped as much as 21 basis points and approaching the 4% threshold. Bonds also climbed after data showing JOLTS jobs opening figures.

Analysts have a base-case proxy of 1.2%, accounting for stress in the agricultural sector, which includes higher default levels from the 2006-2009 and 2015-2017 vintages.