3-month U.S. dollar Libor has increased by 0.2% over the past two months, which carries almost the same impact as a full rate hike.

Foreign demand has helped drive Treasury yields lower and support prices over the past year, though increasing hedging costs may prove problematic moving forward.

Slow growth and negative interest rate policies have created an environment where it is difficult for bond investors to find value.

A strong July employment report caused Treasury yields to spike higher, but the broader message from the bond market has not changed.

High-yield has continued to rally recently despite weaker oil prices.

Broad bond market strength coupled with strong investor demand for yield has driven year-to-date strength in high-yield municipal bonds.