| Friday, May 26, 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 |
| 05/19/23 | 5.40 | 5.24 | 5.32 | 5.01 | 4.27 | 3.95 | 3.73 | 3.71 | 3.68 | 4.06 | 3.93 |
| 05/22/23 | 5.52 | 5.25 | 5.31 | 5.07 | 4.32 | 3.98 | 3.76 | 3.74 | 3.72 | 4.10 | 3.97 |
| 05/23/23 | 5.54 | 5.27 | 5.35 | 5.09 | 4.32 | 3.99 | 3.74 | 3.72 | 3.70 | 4.09 | 3.95 |
| 05/24/23 | 5.63 | 5.33 | 5.39 | 5.13 | 4.38 | 4.06 | 3.82 | 3.78 | 3.74 | 4.13 | 3.99 |
| 05/25/23 | 5.46 | 5.28 | 5.42 | 2.44 | 4.53 | 4.21 | 3.92 | 3.88 | 3.82 | 4.16 | 4.00 |
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 05/25/2023
A Municipal Trader's Perspective
After another turbulent week in the fixed income markets, we head into a much-needed three-day weekend still awaiting a deal on the debt ceiling. Despite Janet Yellen telling us that the X-date could arrive by June 1st, as of this writing negotiators say they are narrowing their differences but are still at an impasse. Nervousness surrounding the outcome has caused yields to continue to creep higher over recent weeks and we are now back to levels not seen since the peak in November of last year. The chart below displays current AA municipal yields compared to April 14th. Just in the last six weeks, munis maturing three years and in have moved over 100 basis points higher in yield and in the 10–15-year maturity range, over 70 basis points higher. We see this as an opportunity to lock in tax-free yields of 3-4% as it is widely believed that once the anxiety over the debt ceiling subsides, prices will rebound and yields will once again begin to drop.
On this Memorial Day weekend, let us all remember the selflessness and sacrifices made by the brave men and women who laid down their lives in service to our country. As we confront our own industry’s challenges, may their spirit inspire us to honor their legacy and appreciate the freedoms and opportunities afforded to us because of their sacrifice. We extend our thanks to you for entrusting us with your business and wish you a safe and enjoyable weekend with family and friends.
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