Yield trumps spread in the great high yield debate
The U.S. high yield bond market is currently sending mixed messages. Tight bond spreads indicate that the market is unattractive, while elevated yields suggest the opposite. Which is correct?
A rise in Treasury yields should be used to add high-quality duration – Morgan Stanley
Morgan Stanley analysts recommend using any rise in the U.S. Treasury yields (US30Y), (US10Y), (US5Y) to add high-quality duration to their portfolios at the five-year key rate duration point.