For the past 2 weeks, 10-Year Treasury rates were up by 10bp. In the past week, they increased by 21bp.
The next Fed meeting is scheduled for September 20, 2023. Twice a year, the Fed meetings are spaced 6 weeks apart; however, during this upcoming summer break, they will be spaced 8 weeks apart. Over the recent past, the market has shown a tendency to drift upward during longer breaks between Fed meetings.
There will be 1 CPI announcement and 1 jobs announcement before the next Fed meeting.
The red line indicates the most current rates, while the green line represents rates from one week ago.
The entire yield curve increased. The 2-year term increased by 12bp, while the 10-year term decreased by 21bp. This adjustment led to the inverted yield curve becoming less steep. Furthermore, one-month rates remained unchanged.
Bill Knudson, Research Analyst LANDCO ARESC