Yesterday we closed out the third quarter. And while many were focused on the performance of the Stock Market, which ended the quarter solidly in the black. It was the corporate bond market which really drew my attention.

In both Corporate Investment Grade, and Corporate High Yield Bonds, we're seeing both all time low interest rates, and all time high issuance. Those Corporate High Yield Bonds are especially interesting in that these are the bonds for the least credit worthy companies. And in just 9 months companies have sold $330 billion worth of these bonds. That's more Hy Yield than has ever been sold in a full year, and we have 3 more months to go.

There seems to be no limit to the number of bonds that American Corporations want to issue.

And it's changing our entire capital markets.