Friday, July 19, 2024 |
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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 |
| 07/12/24 | 5.34 | 5.34 | 5.19 | 4.86 | 4.45 | 4.23 | 4.10 | 4.13 | 4.18 | 4.50 | 4.40 |
| 07/15/24 | 5.37 | 5.33 | 5.18 | 4.85 | 4.46 | 4.24 | 4.13 | 4.17 | 4.23 | 4.56 | 4.46 |
| 07/16/24 | 5.36 | 5.34 | 5.18 | 4.84 | 4.42 | 4.19 | 4.08 | 4.10 | 4.16 | 4.48 | 4.37 |
| 07/17/24 | 5.34 | 5.34 | 5.19 | 4.85 | 4.44 | 4.20 | 4.08 | 4.10 | 4.16 | 4.48 | 4.38 |
| 07/18/24 | 5.34 | 5.34 | 5.19 | 4.87 | 4.47 | 4.24 | 4.12 | 4.14 | 4.20 | 4.52 | 4.42 |
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 07/18/2024.
Using Municipal Bonds To Extend Duration
After a 525-bps increase in the Fed funds rate this cycle, bond traders and investors are finally feeling comfortable enough to begin making bets that the Fed funds rate moves lower before year end. The timing of such a move would be dependent on data for inflation, wages and employment. Extension on the yield curve has dominated trade flows in the municipal market with 61% of all trades taking place 10+ years on the curve.
Source: emma.msrb.org
Using municipal bonds call protection features to lock in higher rates for a longer period of time has been a popular choice. I would highlight some of CCB’s current municipal offerings which almost all are offering 10-15 bps more yield than competitive general obligation bank qualified issues that came to market this week.
Indications only; Subject to change and availability without notice
Thank you for your time and have a nice weekend!
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