Chasing Yields

The Treasury came to market this week with $69 billion in 2-year notes and $70 billion in 5-year notes, and the two auctions told different stories.

Every quarter, before the U.S. Treasury announces how much debt it plans to sell and in what form, it does a little homework.

Inflation didn’t wait for the Fed’s next meeting. The Bureau of Labor Statistics released its Producer Price Index (PPI) for September, and wholesale inflation came in much hotter than anyone expected.

Today, the Treasury bond market reached a 24-year high across the 10-year, 20-year, and 30-year maturities. The 10-year climbed to 5.365%, the 20-year reached 5.77%, and the 30-year hit 5.732% (1&2).

August PCE came in slightly cooler than expected, up 0.3% for the month and 3.4% on an annual basis, versus estimates of +0.4% and 3.7%

The market seems to be signaling to the Fed that curbing inflationary pressures on consumers will not be a quick fix.

The long-anticipated decision from the Federal Open Market Committee today was to raise the Fed Funds Rate by a quarter point, the first hike in three years, as the Fed moves to combat rising inflation risks. The Committee voted unanimously to lift rates to a new...

Heading into the September 16 FOMC decision, swaps and futures markets imply roughly 60% odds that the Fed lifts its target range to 3.75%–4%.That puts the market and the White House on opposite sides of the same question.

The 10-year Treasury topped 4.81% this week as the bond market continues to signal concern over inflation and rising oil prices and our rising deficit.

If you’re weighing municipal bonds against other fixed-income options, the coupon rate alone doesn’t tell the full story.

Just two weeks after unveiling its buyback schedule for the quarter, the Treasury Department announced Wednesday that it’s doubling — at minimum — the size of its liquidity support buyback operations for securities in the 10-year to 30-year range.

According to the Investment Company Institute, money market fund assets totaled $7.91 trillion for the week ending August 5, 2026 — roughly $3.1 trillion of that held in retail accounts, with the remainder in institutional and prime funds.

The U.S. Department of the Treasury is offering $125 billion of Treasury securities to refund approximately $96.3 billion of privately-held Treasury notes and bonds maturing on August 15, 2026.

The Federal Open Market Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve’s dual mandate, and continuing its policy of maintaining ample reserves in the banking system.

On Tuesday, IBM shares crashed roughly 25%, the worst single-day drop in the company’s history, after pre-announcing preliminary Q2 results that badly missed expectations