CREDIT DAYBOOK AMERICAS: High Grade Posts Biggest Loss Since May

US investment-grade bonds will look to rebound from their biggest loss since May 21, after Fed Chair Jerome Powell pushed back against any assumption that a December rate cut is “a foregone conclusion.”

• High-grade notes fell 0.5% on Wednesday as Treasuries dropped the most in months
  • But junk bonds only declined 0.06%, keeping them on track for a third-straight weekly gain and a sixth-consecutive monthly advance
• HSBC kicked off investment-grade primary market activity after Wednesday’s Fed pause with a three-part offering, the seventh dollar-bond sale this year by it or a unit
• Bank of America, Citigroup and Morgan ...