Goldilocks

Goldilocks

The 10-year Treasury yield peaked at 2.60% early in the quarter before plunging to 2.01% at the end of June.
That’s All Folks

That's All Folks

Domestically, the Federal Reserve’s 180-degree policy pivot, a pause in rate hikes and possible adjustments to balance sheet rundown prior to the end of 2019, was cemented at the March meeting driving yields lower across the curve.
Volpocalypse Redux

Volpocalypse Redux

This reaction coupled with data indicating slowing global growth, impending Brexit politics, trade wars, and domestic government strife amplified risk aversion already exacerbated by thinly staffed trading desks around the holidays.
Onward and Upward

Onward and Upward

Over the quarter, the yield curve bear flattened as frontend yields rose 25-30 basis points while longer maturities rose 20-25 basis points. Investment grade spreads tightened offsetting much of the widening experienced in the first half of the year.