Veritable Notes

Published on // March 15, 2021

Fixed Income Monthly Commentary – February 2021

The bear steepening of the Treasury yield curve, in which longer-term rates increase more than shorter-term, not only continued but accelerated in February as reopening efforts, vaccine distribution improvements, and prospects of additional fiscal stimulus buoyed optimism for economic growth. For the month, 5+ year Treasury rates increased 30-40 basis points with the 10-year yield reaching an intra-day high of 1.61% before ending February at 1.41%. By comparison, …

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Veritable Notes

Published on // February 11, 2021

Fixed Income Monthly Commentary – January 2021

For the second consecutive month, the Treasury curve bear steepened as intermediate and long-term yields increased due to economic recovery optimism and rising inflation expectations, while the short-end remained anchored by accommodative Federal Reserve (Fed) monetary policy. The Institute for Supply Management (ISM) surveys indicated that both the manufacturing and service sectors of the U.S. economy expanded for the seventh consecutive month in December and did so at a greater than expected pace.  However, the immediate…..

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Veritable Notes

Published on // January 12, 2021

Fixed Income Monthly Commentary – December 2020

A tumultuous year ended with the Treasury yield curve steepening slightly in December as renewed optimism for an economic recovery buoyed by the start of COVID-19 inoculations helped push inflation expectations as well as intermediate and long-term rates higher. Specifically, yields on maturities beyond five years rose 3-8 basis points while rates on shorter issues were flat to slightly lower. The month began with a sharp increase in longer-term rates due to a confluence of developments. Fiscal stimulus talks that had stalled throughout the fall resurfaced with a bipartisan group of senators reportedly discussing a $900 billion plan. Further, Fed Chairman Powell displayed …

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Veritable Notes

Published on // December 03, 2020

‘Doing Well and Doing Good’ in the Municipal Market

Discussion Areas:

  • History of Green Bond Market
  • Evolution of Social Impact Investing to Embrace Diversity, Equity, & Inclusion

 

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Veritable Notes

Published on // November 12, 2020

Fixed Income Monthly Commentary – October 2020

The Treasury yield curve shifted higher in a bear steepening fashion in October on rising inflation expectations despite signs of resurging COVID-19 infections later in the month. Specifically, 2-3 year rates…..

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