June 2025 Market Review
Liberation is the act of setting someone free from imprisonment or oppression. Markets could interpret “Liberation Day” as the day when the new administration commenced its plan to reverse the economic impact of the rise of China in global commerce. Scott Bessent,...
May 2025 Market Review
U.S. Treasury yields sold off in May as concerns over government spending and the budget deficit weighed on markets. The 10-year U.S. Treasury yield rose 23 basis points (bps) to close the month at 4.41%. In addition, the FOMC raised concerns on both sides...
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...
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