April 2025 Market Review
April was a month marked by volatility. On April 2, Liberation Day, the administration announced sweeping tariff hikes which far exceeded market expectations. Over the month, the 10-year U.S. Treasury dropped to 3.99% before climbing 50 basis points (bps) by mid-month, then...
March 2025 Market Review
While our monthly market review typically reflects data and commentary only through month end, given this week’s events we thought that providing a brief update to the evolving situation would be helpful. On April 2, President Trump announced major new tariffs across...
February 2025 Market Review
U.S. rates fell in February in a reversal of the “Trump Trade” that took place following U.S. elections. The 10-year U.S. Treasury finished the month 36 basis points (bps) lower at 4.19%. In response to increased risks of slower growth and higher...
January 2025 Market Review
Interest rates were little changed from the December close as the 10-year U.S. Treasury finished the month just 3 basis points lower at 4.55%. The curve flattened modestly, with intermediate maturities slightly outperforming. With risks to labor and inflation relatively balanced, uncertainty...
December 2024 Market Review
Polarization and “brain rot” are the words of the year in 2024. If Oxford or Merriam-Webster had to choose a word to describe the U.S. economy in 2024, resilience may have been a viable candidate. Whether U.S. consumers experienced brain rot or...
November 2024 Market Review
Another month of solid economic data and a shifting presidential administration drove markets in November. The FOMC announced a move to lower rates by 25 bps. While the move was expected by the market, FOMC commentary was viewed as slightly hawkish given...
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