| Friday, October 27, 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 |
| 10/20/23 | 5.39 | 5.46 | 5.54 | 5.40 | 5.08 | 4.92 | 4.86 | 4.92 | 4.92 | 5.29 | 5.08 |
| 10/23/23 | 5.41 | 5.46 | 5.54 | 5.41 | 5.05 | 4.87 | 4.80 | 4.86 | 4.85 | 5.20 | 5.00 |
| 10/24/23 | 5.40 | 5.44 | 5.56 | 5.43 | 5.12 | 4.92 | 4.82 | 4.86 | 4.83 | 5.15 | 4.94 |
| 10/25/23 | 5.39 | 5.47 | 5.56 | 5.44 | 5.12 | 4.98 | 4.92 | 4.98 | 4.96 | 5.29 | 5.09 |
| 10/26/23 | 5.39 | 5.46 | 5.54 | 5.41 | 5.04 | 4.88 | 4.80 | 4.87 | 4.85 | 5.19 | 4.99 |
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 10/26/2023.
It’s the Great Pumpkin, Charlie Brown is a favorite in our house this time of year. I’m not sure if I identify more with Linus sitting in the pumpkin patch by himself waiting for the mythical great pumpkin or Charlie Brown when Lucy continues to offer to hold the football for him to kick only to pull it away every…single…time.
It’s not quite waiting in a pumpkin patch or pulling a football, but trying to navigate the talking points of the Fed in a volatile market feels the same as going for a kick only to have the ball pulled away. The Fed meets again next week with an announcement on Wednesday, November 1. The market expectation is they will hold steady with a range of 5.25% - 5.50% while the Fed Funds Futures shows no additional rate hikes. Powell spoke last on October 19 at the Economic Club of New York where he suggested we could be patient and assess data before deciding the need for additional tightening. None of us can claim to know what the future holds, but it is starting to feel like the Fed could be at or very close to the finish line, so we can move on to deciphering what longer means in “higher for longer”. A favorite slogan of the Fed members. If the tightening cycle is in fact over, it could make sense to consider locking in higher rates with more call protection. A few options are noted below. Please reach out to your CCB representative to discuss options best for your portfolio.
It’s not quite waiting in a pumpkin patch or pulling a football, but trying to navigate the talking points of the Fed in a volatile market feels the same as going for a kick only to have the ball pulled away. The Fed meets again next week with an announcement on Wednesday, November 1. The market expectation is they will hold steady with a range of 5.25% - 5.50% while the Fed Funds Futures shows no additional rate hikes. Powell spoke last on October 19 at the Economic Club of New York where he suggested we could be patient and assess data before deciding the need for additional tightening. None of us can claim to know what the future holds, but it is starting to feel like the Fed could be at or very close to the finish line, so we can move on to deciphering what longer means in “higher for longer”. A favorite slogan of the Fed members. If the tightening cycle is in fact over, it could make sense to consider locking in higher rates with more call protection. A few options are noted below. Please reach out to your CCB representative to discuss options best for your portfolio.
Indications only, subject to change and availability without notice
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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