May 26, 2021
Shorter term Interest rates have risen a bit while longer term rates have come down a bit over the past five weeks. The 10-year Treasury Note has continued to soften just a bit after hitting 1.62% at the beginning of June and ending yesterday at 1.45%. Rates are still under 1.00% out to five years. The yield curve continues to flatten with the spread between three month T-bills and 10 year bonds now at 143 basis points. The Fed still tells us that rates will stay low but now seems to be leaning towards a 2023 increase although with recent inflation numbers they may be forced to act sooner.
The dollar is stronger against most world currencies with the notable exception of the Chinese yuan.
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