For the past week, 10-Year Treasury rates increased 4bp. The net change over the past two weeks is a decrease of 2bp.

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