| Friday, June 16, 2023 |
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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 |
| 06/09/23 | 5.09 | 5.25 | 5.37 | 5.20 | 4.60 | 4.24 | 3.91 | 3.84 | 3.74 | 4.05 | 3.88 |
| 06/12/23 | 5.17 | 5.23 | 5.36 | 5.23 | 4.58 | 4.23 | 3.90 | 3.82 | 3.74 | 4.05 | 3.88 |
| 06/13/23 | 5.12 | 5.22 | 5.34 | 5.22 | 4.67 | 4.28 | 3.99 | 3.89 | 3.82 | 4.10 | 3.92 |
| 06/14/23 | 5.06 | 5.24 | 5.34 | 5.23 | 4.68 | 4.29 | 3.99 | 3.89 | 3.78 | 4.07 | 3.88 |
| 06/15/23 | 5.06 | 5.21 | 5.31 | 5.18 | 4.64 | 4.24 | 3.91 | 3.81 | 3.71 | 4.01 | 3.83 |
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 6/15/2023
Shock Plot
The Federal Reserve (Fed) surprised markets this week with a new dot plot reflecting an expectation of 50 basis points in additional hikes later this year. The immediate market reaction was to sell off creating higher rates, but after Powell’s press conference, the skeptics took control of the mic. The loudest being Jeffrey Gundlach saying he does not believe the Fed will continue to tighten and even that they have already overtightened. The Fed Fund Futures market is currently pricing in one 25 basis point hike. Timing the market perfectly is an impossible task, but it seems we could be very close to an end in this tightening cycle. As shown in the graph below, before this year the last time the 5 year Treasury was at a 4.00% was back in 2007. Maybe the Fed continues to raise rates and maybe they don’t. The expectation now is for lower rates in 2024. Having 4% in your holdings should prove to be a win for your portfolio.
Indications only – Subject to change and availability
Source: Bloomberg, LP
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.
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