Rates held steady in May as the Fed’s indecisiveness stirred confusion in the bond markets. The yield on the benchmark 10 year Treasury bond ended May at 4.51%, down from 4.7% in April this year. Stubbornly high rates continue to pressure consumers as rates on loans remain elevated, hindering consumer expenditures.

Growing debt levels among consumers are becoming a concern especially on variable rate loans, whose interest rates have increased as the Fed has risen short term rates. Higher rates have become a primary factor with rising delinquencies, from auto loans to credit cards.

Sources: U.S. Treasury Dept., Federal Reserve

Print Version: Fixed-Income-Review-June-2024

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