Fixed Income Commentary – May 2023 – Maple Capital Management

Range-bound is an apt description for the bond market in April. Bond yields for most points on the yield curve barely moved even as markets remained on guard for further fallout from the banking developments in March. First quarter earnings reports provided some assurance that the contagion from the bank crisis has been held in check. However, the report for First Republic Bank renewed market concern, resulting in regulators closing it down on the last weekend of the month. JP Morgan will acquire most of the institution in a similar risk-sharing deal with the FDIC as the one for Silicon Valley Bank.

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Fixed Income Commentary – May 2023 – Maple Capital Management

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