Chasing Yields

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.

One of the most famous and impactful quotes on the importance of understanding history comes from Winston Churchill: “The farther backward you can look, the farther forward you are likely to see.”

Kevin Warsh will be sworn in as the 17th chair of the Federal Reserve this Friday, May 22, in a White House ceremony — and bond investors have good reason to pay attention.

If markets were hoping for a quiet Wednesday morning, today’s Producer Price Index data had other ideas.
The April PPI figure surged to 1.4% month-on-month — a substantial overshoot compared to the forecasted 0.5% and nearly double the previous month’s reading of 0.7%.

Quarterly earnings reports have anchored market transparency for decades, but that may be changing.

The US economy grew at a disappointing pace in the first quarter of 2026. The Commerce Department reported that GDP rose at a 2% annualized rate, just 0.5% above the fourth-quarter 2025 rate.

For decades, U.S. Treasury bonds have held a premier position in global financial markets, widely regarded as the ultimate “safe haven” asset class.

Muni Yields appear to have peaked this week with improving demand and seasonal technicals supporting the market.

For years, institutional investors have had something retail municipal bond buyers simply didn’t – real time pricing, broad market visibility, and the tools to act on both with precision.

U.S. Treasury yields are easing as geopolitical uncertainty dominates. The 10-year Treasury yield dipped to 4.30% today, down slightly from the previous session and pulled back from an eight-month high of 4.44% two days ago.

The US Treasury brought $183 billion in 2-year, 5-year, and 7-year notes to market this week — and demand was underwhelming across the board.