Morning Note | Aug 17, 2023 | PIMCO UNII Continues to Show Weak Trends with Rich Valuations

Good Morning!

Treasury yields are marching higher as the market opens up following two days of losses.  Walmart reported a revenue and earnings beat while also raising its full-year guidance.  The report underscores the recent narrative that there is a no-landing outcome baking into the markets.

The FOMC minutes yesterday were somewhat less hawkish than I…