For the past 2 weeks, 10 Year Treasury rates were up 44bp. In the past week they were up 18bp. Nearly every day for the past week, rates increased by a modest amount. No major change, an accumulation of small increases. On 5/3/23 the Fed made an announcement that broadly hinted the future rate increases would be in a “wait and see mode” as the concerns over the Debt Ceiling continue to mount.
The red line represents the current rates, while the green line represents rates from one week ago. The entire yield curve for the 1-2 year terms increased 24bp while longer terms were up 16bp. One month rates were up 36bp Yield curve inversion increased.
Bill Knudson, Research Analyst LANDCO ARESC