Twas Two Weeks Before Christmas 2023

Doug Drabik discusses fixed income market conditions and offers insight for bond investors.

 Raymond James Santa

Twas two weeks before Christmas, when all through Ray Jay’s house,
Yields were stirring, inflation flames the Fed continued to douse;
The forecasts were hung by economists with care,
In the hopes that their merit helped investors prepare;

Yet predictability far from nestled including moves of the Fed’s,
While visions of soft-landings danced in their heads;
And Biden in his office, and Trump readied to scrap;
They unsettle the nation, voters begrudging the trap.

When out in the market, unstable pricing does matter,
Bank accounts aren’t getting any fatter,
Away went the handouts, deferrals, backstops and cash,
Consumers still spending their last hoorah bash.

The moon on the breast of a new-world foe,
Terror and dread, a market pause from this global blow,
When, what to my wondering eyes did appear,
But more volatility created by this unsettling fear,