Why Five Percent Yield on the 30 Year Treasury is a Big Deal
The yield on the 30-year Treasury bond broke above five percent this week, and it’s...
Sometimes No News Is News
The numbers are staggering. Last year Treasury issued $30.5 trillion of securities to fund the...
Beyond the Fed: Why This Week’s Events May Be Less important than You Think
I’m guilty of having spent a good deal of time over the last two...
Kevin Warsh: Behind the Senate Testimony of the Federal Reserve Nominee
Beyond the sound bites from this week’s Senate Banking Committee hearing on the nomination of...
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
Dramatic Shift in Short Term Rates as Investors Come to Terms with Higher Inflation
Here’s a chart that shows the dramatic change in short term rates since the Iran war began in early March. Last week rates on one-year collateralized public funds deposits approached 4%, the highest since August 2025. Two-year Treasuries ended the week at 4.07%. Rates for one-year commercial paper and fixed term LGIPs now reflect this new view. Overnight rates last August were 4.33% before Federal Reserve cuts of 75 basis points in its main policy rate, and constant NAV LGIP yields were in the range of 4.25%, compared with levels of 3.50% to 3.75% for the PFII LGIP indices last week.
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Insights
Why Five Percent Yield on the 30 Year Treasury is a Big Deal
Sometimes No News Is News
Beyond the Fed: Why This Week’s Events May Be Less important than You Think
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