The Macro View

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US Treasuries – Trade war fears dominated the headlines in May, and equity market volatility re-emerged. This was good news for Treasuries, which posted a strong, positive month. Yields declined across the curve, with the 10-year yield reaching a 2019 low of 2.12% at the end of the month. Federal Reserve Chairman Powell indicated that… Read more »


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US Treasuries – After a very strong March, Treasury prices declined in April. Yields rose from the lows of 2019, as economic data improved. Federal Reserve policy remains accommodative, and there is no indication that the committee changed its stance on rate hikes for the remainder of the year. The yield curve steepened over the… Read more »


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US Treasuries – Treasuries surged in March, aided by the Federal Reserve’s decision on March 20th when the committee indicated that they would not raise the Fed Funds Rate for the remainder of 2019. Yields declined across the curve, with the intermediate portion of the curve experiencing the largest move down. Significant flattening occurred during… Read more »


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US Treasuries – Despite a dovish tone from the Federal Reserve, Treasuries declined during February as yields rose across the curve. The market does not expect the Federal Reserve to raise their target interest rate in 2019. The Treasury yield curve steepened slightly during the month. Municipals – Municipals continued their steady climb upwards, generating… Read more »


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US Treasuries – January brought continued strong performance for Treasuries despite a surge in equities during the month. The Federal Reserve abruptly shifted its tone, leading investors to believe that the Fed may pause their tightening cycle in 2019. Continued flattening of the Treasury curve is something to monitor as is projected Treasury issuance as… Read more »