For the past week, 10-Year Treasury rates decreased 7bp. The net change over the past two weeks is an increase of 4bp.

The red line represents current rates, while the green line reflects rates from one week ago. Short-term rates remained unchanged, while long-term rates increased.

For terms of 1+ years, the yield curve remains positive. As the Fed lowers its Fed Funds rate, short-term rates will decline, and the yield curve will return to its historically normal positive slope.

We are seeing a positively sloped yield curve due to a combination of Fed cuts to short-term rates and market-driven demand for higher long-term rates.

Bill Knudson, Research Analyst LANDCO NEXA