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Friday, July 18, 2025
 

MANAGING DIRECTOR:
Scott Carrithers
 
PORTFOLIO SALES AND SERVICE:
Chris Thompson • Sean Doherty • Mark Tranckino • Brian Schaff
Natalie Regan • Aaron Stoffer • David Farris • Jeff Macy 
Josh Kiefer • Todd Czinege • Trey Valentine • Cody Kreutziger

US Treasury Market
Date 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr
07/11/25 4.30 4.34 4.26 4.08 3.89 3.86 3.97 4.18 4.41 4.95 4.95
07/14/25 4.31 4.34 4.27 4.09 3.90 3.88 3.99 4.20 4.44 4.98 4.98
07/15/25 4.31 4.34 4.29 4.12 3.94 3.92 4.04 4.25 4.48 5.02 5.02
07/16/25 4.30 4.34 4.27 4.08 3.89 3.87 3.99 4.21 4.46 5.01 5.01
07/17/25 4.30 4.34 4.28 4.10 3.91 3.88 3.99 4.21 4.45 5.01 5.01

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 7/17/2025.
                                                                                                                                                                                      


A Shifting Muni Marketplace

The chart below looks exactly how you would think with a steepening yield curve. Muni’s have tightened on a relative basis to treasuries in recent months. While the long end of the curve is almost back to ratios seen during the market disjointment in April of this year. 
 
 
 

Let’s look at this another way, April of this year was one of the best buying opportunities on a relative and absolute yield basis, as indicated by the spike in yields in the charts below.  Now we have a dynamic where the short end of the curve has really rallied, while rates/ratios on bonds 20yrs and longer are looking a lot like the they did back in April. 
 
There are now 72 bps of spread between 2030 and 2035, 104 bps between 2035 and 2045, and 35bps from 2045 to 2055 and nearly 220bps from 1 – 30yrs.  We haven't seen this shape in the curve for several years. The curve structure has created a great opportunity to swap out of any losses and recoup the loss quicker by repositioning out on the curve. We’ve had several customers take advantage of the current rate environment, if you are interested in how this might look for your portfolio – please reach out to your CCB CMG representative.


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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