Economic & Fixed Income Insights, December 4, 2019

US equity markets rebounded as various news outlets reported that the U.S. and China are getting closer to agreeing on the amount of tariffs that would be rolled back in a Phase One trade deal. In other news, the ISM Manufacturing Index unexpectedly declined from 48.3 to a reading of 48.1 in November, a two-month low, and marking the fourth consecutive month of contraction (a reading below 50). Rates were largely steady over the past, holiday-shortened week.  The benchmark 10-year UST finished two basis points lower to yield 1.72% while the 30-year UST was 1 basis point lower for the week.  Tax-exempt yields were unchanged with the 10-year MMD yielding 1.47% and the 30-year MMD yielding 2.06%.

Interest Rate Observations

Source: Thomson Reuters, Bloomberg. The table above reflects market conditions as of November 12, 2019.

Important Disclosures

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