For the past 2 weeks, 10 Year Treasury rates were up 4bp. For the prior week: down 22bp. On 5.3.23 the Fed made an announcement that broadly hinted that future rate increases would be in a “wait and see mode” Concerns over the Debt Ceiling were resolved on 5.30.23.
The red line is the most current rate while the green line is from one week ago.
The entire yield curve for the 1-2 year terms decreased 20bp with longer-term decreasing more than short-term rates. This made the inverted yield curve steeper. One-month rates were DOWN 65bp.
One month US Treasury Rates while down a material 65bp this past week, note the prior increases. Any firm using short-term financing for its operations is having a challenging time.
Fed meets June 14, this may be the first FOMC meeting in over a year in which rates are NOT increased. CPI data for May is released on June 13. CPI will likely decrease from 4.9% to 4.1.
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