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Wednesday, April 23, 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
04/16/25 4.29 4.31 4.19 3.96 3.77 3.78 3.90 4.08 4.28 4.78 4.74
04/17/25 4.29 4.32 4.20 3.98 3.80 3.80 3.94 4.12 4.33 4.83 4.80
04/18/25 4.31 4.32 4.20 3.98 3.80 3.80 3.94 4.12 4.33 4.83 4.80
04/21/25 4.31 4.32 4.20 3.96 3.77 3.79 3.98 4.19 4.41 4.94 4.90
04/22/25 4.27 4.31 4.20 3.99 3.82 3.83 3.99 4.19 4.40 4.91 4.88

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 4/22/2025.

                                                                                                                                                                                        


Spreads: Year-over-Year

Treasury yields are down on tenors out 10 years from a year ago, but spreads in other sectors of fixed income are UP. 

Take a look at the table below showing how, despite yields coming down on treasuries, it has been a much softer landing elsewhere:

Agency Bullets: the outlier, spreads have narrowed
Muni’s – Tax Free GOs: significant improvements treasury ratios
Muni’s – TAXABLE GOs: spreads have widened
Tight Window DUS / Bullet Alternatives: improved spreads across the board, doubled on short end
MBS – New Issues: an average of 30bps wider spreads in the base case

We believe there is excellent value out there. If cash is tight, look to short holdings in your portfolio with narrow or no spread (treasuries and bullets) to swap out for extra yield in these wider spread offerings.

Please let us know if you’d like to see specific examples of anything below and how making changes in your portfolio could set your portfolio up for future success.



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