Dashboard

Yield and portfolio information to help public funds investment officials manage portfolios, monitor markets and benchmark portfolio performance of local government investment pools (LGIPs) and short term portfolios.

Money Market Yields

The Fed is on Hold: That's What Yields on One and Two-Year Treasuries Say


 

Futures contracts reflect a very low probability for the Federal Open Market Committee to cut the overnight rate further at its upcoming meeting next week.  That view is also reflected in the yield on longer-duration Treasuries. They are in the 3.50% to 3.60% range.  That’s just about the same level as the current  overnight rate.  A look back to October reinforces this view.  The Fed has cut overnight rates by 50 basis points since mid October, and LGIP rates have declined apace, but one and two year Treasury yields have barely moved. 

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Insights

LGIP Disclosure and Transparency: What Investors Are Missing

Last November we released results of our annual survey of local government investment pools, which covered 161 pools with nearly $1 trillion in assets.  One observation we made in that report was that LGIPs lack uniform disclosure/transparency with the result that self-governance within the industry is challenging and investors are limited in their ability to […]

How Trump’s $200 Billion Mortgage Purchase Order May Affect Public Funds Investors; LGIPs: New Pools and Manager Changes

I try to limit Beyond the News to single issues but this week we’re covering two that I think are very timely. First, some observations on Trump’s social media post last week that he had ordered his “representatives” to purchase $200 billion of mortgage bonds in an effort to boost housing; second, reports on two […]

Recap of 2025: The Benefit, and Limits, of Hindsight

Hindsight is (usually) 20:20. With that in mind here’s a recap of how public funds investment strategies performed in 2025. • Longer was better, with a modest decline in interest rates boosting returns of public agency portfolios invested beyond the cash space and dragging down the returns of local government investment pools and money market […]

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