No dramatic news from Jackson Hole.
The flight to the safety of U.S. Treasury bonds pushed interest rates lower.
Underlying market action revealed the depth of demand for risk assets.
Risk assets continued to trend higher last week as the S&P 500 hit an all-time high, corporate credit spreads tightened to multiyear lows, and volatility reached a new low.
Asset volatility closing in on new low.
Fixed-income indexes performed well during the second quarter.
Credit spreads remain tight as volatility declines to near-record lows.
Volatility remained especially muted, the news flow was unusually uneventful, and there were no new issues of any significance priced.
Volatility remains muted in corporate bond market; yield curve continues to flatten.