This note offers an object lesson to demonstrate the challenge facing investors who rely on a “black box” technology to get yield data on bonds. The example uses projected after-tax rates of return presented on a widely viewed Bloomberg page. The problem is that on market discount bonds...

In December 2021, international commodity prices increased sharply, the US Consumer Price Index (CPI) increased by 7% year-on-year while the CPI of euro area increased by 5% year-on-year. In China, the CPI increased by 2.3% year-on-year, the Producer Price Index (PPI) increased by 10.3%...

After the announcement of the European Central Bank's corporate quantitative easing program, non-financial corporations timed the bond market by shifting their issuance toward bonds eligible for the program. However, issuers of eligible bonds did not increase total issuance compared to other...