For the past 2 weeks, 10 Year Treasury rates were up 11bp. In the past week they were down 3bp. On May 3rd, 2023, the Fed made an announcement that broadly hinted that future rate increases would be in a “wait and see mode”. CPI is down from 4.9% to 4.0% on 6/13/23 and 6/14/23, for the first time in 15 months the Fed did not increase rates.
The red line represents the current rates, while the green line represents rates from one week ago. The entire yield curve for the 2 year terms increased 10bp while the longer term decreased 1bp. This made the inverted yield curve steeper. The one month rates were down 7bp.
Bill Knudson, Research Analyst LANDCO ARESC