Insights

Treasury yields rose modestly across the curve during January, with the 2-year and 10-year maturities seeing increases of 5 basis points, as markets adjusted to shifting economic data.

Economic growth remained robust in the fourth quarter, fueled by strong spending from high-income households and productivity gains linked to artificial intelligence-related investments.

As we enter 2026, we are of the view that the next 12 months may be more about total return and less excess return.

In October 2025, the Federal Open Market Committee cut interest rates by 25bps to a range of 3.75 to 4.00 percent and announced an end to quantitative tightening in December.

The Treasury yield curve bull flattened in September, with the 10-year yield falling by eight basis points.

In August 2025, the financial markets were marked by a mix of economic resilience and shifting policy expectations.

Treasury yields increased in July on favorable economic data and the Federal Reserve’s decision to hold rates steady.

U.S. Treasury Curve: Treasury yields fell in June and steepened for the quarter, with yields falling in the 1- to 10-year range and increasing beyond 10 years.