Bond yields and interest rates stalled in April, as the Fed announced that it wasn’t yet ready to begin reducing rates. Geopolitical tensions in the Middle East also affected Treasury bond yields, as demand increased for Treasuries driving prices higher and yields lower. The Fed’s resistance to reduce rates still affected yields ion April, with the 10-year Treasury yield ending April at 4.69%, up from 4.20% at the end of March.

Shorter term maturity and longer term maturity bonds are starting to see more similar yields, meaning that the yield curve is flattening. Analysts view this as a signal that rates may start to settle from their recent increases, and with a possible shift in economic activity.

Sources: Treasury Dept., Federal Reserve

Print Version: Fixed Income Update May 2024

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