December 2025 Market Review
Intelligence is the ability to form sound judgments and solve problems. The year ends with the idea that human intelligence will soon take a backseat to artificial intelligence (AI) or machine learning. However, economic and market performance in 2025 demonstrated humanity’s remarkable...
November 2025 Market Review
US Treasury yields fell in the month of November. The yield curve steepened as the 10-year Treasury yield fell 7 basis points (bps) to 4.04% while long end yields were unchanged. Volatility jumped briefly mid-month before falling back toward YTD lows after...
October 2025 Market Review
The US Treasury yield curve continued to flatten in October, and the 10-year Treasury yield fell 5 basis points (bps) to end the month at 4.11%. Volatility declined despite the ongoing US government shutdown, the longest shutdown on record. This has resulted...
September 2025 Market Review
“War” seems more frequent these days. Ukraine and Gaza come to mind, but a war on big government, trade fairness, partisanship, Fed independence, drug pricing, free speech, and university funding similarly link to the term. The word is related to the Old...
August 2025 Market Review
The U.S. Treasury curve steepened in August, with shorter maturities leading rates lower as the market began pricing in a greater chance of a September Fed rate cut. The 10-year yield fell 13 bps to close the month at 4.23%. July payrolls...
July 2025 Market Review
U.S. Treasury yields rose during the month of July, closing the month at 4.36%. The yield curve bear flattened in reaction to firm economic data, lower rate cut expectations, and higher than expected borrowing estimates. Retail, services, and industrial data pointed to...
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