For the past week, 10-Year Treasury rates were up 14bp. The net change over the past two weeks reflects an overall increase of 11bp.

The red line represents current rates, while the green line shows rates from one week ago. Longer-term rates moved higher this past week. For terms of 2 years and beyond, the yield curve remains positive. As the Fed reduces the Fed Funds rate, short-term rates will decline and help restore the yield curve to a historically normal positive slope.

However, the positive-sloped yield curve seen over the past few months is now starting to give way to a negative slope in the medium-term range.

Bill Knudson, Research Analyst LANDCO NEXA