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...
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,...
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...
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...
September 2023 Market Review
September 2023 Market Review Third quarter consumer spending persisted like rain in New England and heat throughout the country. July rainfall in Boston totaled about 11 inches, almost two times the 20-year average. July also set global heat records with over 90...
July 2023 Market Review
Longer-dated Treasury yields rose in July, while 1- to 5-year maturities remained relatively unchanged. Inflation protected securities outperformed, as long-term inflation expectations rose. The FOMC raised the federal funds rate by 25 basis points (bps) as anticipated, moving the target range to...
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