| Friday, May 10, 2024 |
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MANAGING DIRECTOR: |
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US Treasury Market |
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| Date | 1 mo | 3 mo | 6 mo | 1 yr | 2 yr | 3 yr | 5 yr | 7 yr | 10 yr | 20 yr | 30 yr |
| 05/03/24 | 5.38 | 5.40 | 5.37 | 5.13 | 4.82 | 4.65 | 4.50 | 4.50 | 4.51 | 4.76 | 4.67 |
| 05/06/24 | 5.38 | 5.40 | 5.38 | 5.13 | 4.83 | 4.65 | 4.49 | 4.48 | 4.49 | 4.73 | 4.64 |
| 05/07/24 | 5.38 | 5.40 | 5.36 | 5.14 | 4.83 | 4.64 | 4.47 | 4.46 | 4.46 | 4.70 | 4.60 |
| 05/08/24 | 5.38 | 5.41 | 5.37 | 5.15 | 4.84 | 4.65 | 4.50 | 4.49 | 4.50 | 4.74 | 4.64 |
| 05/09/24 | 5.37 | 5.40 | 5.36 | 5.14 | 4.82 | 4.62 | 4.47 | 4.46 | 4.45 | 4.71 | 4.61 |
The data in the table above is static as of the time it was pulled, so rates may have changed. Treat all data in this table and PMR as indications only and availability is always subject to change. This information was pulled manually from sources we believe to be reliable. New source, as of 12/12/2022, Bloomberg, L.L.P. As of: close of business 5/09/2024.
Higher or Lower Yields?
Entering 2024, the market had priced in several rate cuts for this year and next. Sentiment certainly changed throughout the year as inflation has not retreated as fast as the market was projecting. As a result, rates climbed as expectations for cuts diminished. In April, there was even conversation about the Fed needing to hike rates. Last week, after the May Fed Meeting, Powell insisted policy is restrictive and the likelihood of needing to hike rates is low.
Below is a graph of the 2 year US Treasury in 2024 showing the rise in rates and the sharp drop after the May 1 meeting. This past week has been in a very tight trading range which could mean the market is setting up for a move. Next week we get PPI on Tuesday and CPI on Wednesday, both having the capability to move the market. The question remains, how will this news impact markets moving forward?
This information is intended for institutional investors only. The material provided in this document/presentation is for informational purposes only and is intended solely for private use. Past performance is not indicative of future results. This material is not intended as an offer or solicitation for the purchase or sale of any financial instruments.
•Not FDIC Insured •No Bank Guarantee •May Lose Value