Weekly rates

Recent Updates:

Capital Markets Comment: UST10 at 4.38%, unchanged from last week at this time despite a 10bp trading range over the same period. Market now assessing the latest comments regarding the future of Fed Chairman Powell along with current status of the trade wars. We’ve seen much discussion in the financial press about a general rotation out of US based assets, the dollar and USTs as markets question the reserve and safe haven status of the same assets. Let’s review some changes since April 2^nd to assess the move for ourselves: S&P 500: Decline 8.43% UST10: Decline 1.66% (bond price) US Dollar: Decline 6.55% vs Euro, 5.41% vs basket of currencies (Dollar Index). Typically, when stocks sell off, bonds gain, and if the dollar is a safe haven, the dollar should gain. Since April 2, Stocks, Bonds, and the US Dollar all moving in the same direction. Couple all of this with continued tariff uncertainty, potential tax cuts, debt ceiling raises, and higher costs of onshoring, upward pressure on rates seems a natural consequence.
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