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...

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March 2024 Market Review

The basic structural and functional unit of all living organisms is the cell. It consists of many parts with each part serving a unique function. All the parts of the cell work together in a coordinated manner to maintain its structure and...

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February 2024 Market Review

Renewed stress in the banking system led to a rate rally in the early days of February. However, the market quickly interpreted the issues at New York Community Bancorp to be idiosyncratic and refocused on strong macroeconomic data. The 10-year Treasury yield...

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January 2024 Market Review

The 10-year Treasury yield declined as much as 30 basis points (bps) to start the year, only to rally in the final days of the month, ending January just 7 bps higher at 3.95%. The shape of the curve was relatively unchanged,...

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December 2023 Market Review

December 2023 Market Review Rip Van Winkle missed quite a change during his 20-year nap. If he had a relapse between January and December 2023, he would have never known the extent of surprises experienced over the year and the impact on...

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November 2023 Market Review

U.S. Treasury yields fell across the curve after seven months of rising. The 10-Year yield moved 58 basis points (bps) lower, marking the most significant monthly decline since December 2008. The curve began to invert again as new economic data pointed to...

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