WEEKLY MARKET UPDATE

September 14, 2020

General market news              

  • The 10-year Treasury yield opened Monday at 0.66 percent, where it closed last week. This rate also happens to be the average rate for the 10-year yield since early April, when rates first dropped from nearly 2 percent. The 2-year yield opened at 0.13 percent, slightly more than its historical low of 0.10 percent but less than its average since April of 0.17 percent. The 30-year yield opened at 1.41 percent, much more than its historic low of 0.99 percent in March and more than its average since that time of 1.36 percent. The Federal Reserve (Fed) meets this week to discuss policy. Fed futures now point to no rate hikes until sometime in 2024.

September 08, 2020

General market news              

  • There was heightened volatility in the rates market last week—the 10-year Treasury yield swung from 0.75 percent to 0.60 percent and then back to 0.72 percent, opening at 0.68 percent Monday. The steepest part of the curve is currently the 10- to 20-year yield, where rates jumped from 0.68 percent to 1.20 percent. The 30-year yield opened at 1.41 percent, and the 2-year yield opened at 0.13 percent. The Federal Reserve (Fed) has made it clear it is willing to provide support with as much liquidity as needed. It meets again next week to discuss policy, which will be the second-to-last scheduled meeting of the year.

August 31, 2020

General market news              

  • The 10-year Treasury yield reached 0.78 percent late last week, rebounding from a low of 0.62 percent only a few days earlier. It opened at 0.73 percent on Monday morning. The 30-year jumped from 1.32 percent to 1.57 percent, opening Monday at 1.52 percent. On the short end of the curve, rates started the week higher but moved to their lowest levels in three weeks, with the 2-year opening Monday morning at 0.13 percent. Primary factors affecting rates are supply, Federal Reserve (Fed) involvement, and the coronavirus pandemic.

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