April 2024 Market Review

A continuation of strong economic data pushed rates higher throughout April. The 10-year Treasury yield rose by 48 basis points (bps), ending the month at 4.66%. The move reflects a repricing of market expectations of Fed rate cuts, with just one 25 bps cut priced into the market by year-end. The curve subsequently steepened about 5 bps in anticipation of rates remaining higher for longer.

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