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10-Year Treasury RateUniversal Value AdvisorsThe relentless upward spike in interest rates continued this past week despite Fedspeak implying that the Fed will continue to be in “pause” mode, at least at the November 1st meeting. Rates on 10-Year Treasury Notes closed on Friday (October 20) at 4.91%. During the trading day, the 10-Year almost pierced the 5% level (4.995%) before retreating at the close (see chart). We think it is likely that a 5% handle will occur this coming week.
Earlier in the week, FOMC (Federal Open Market Committee) member Waller said that, since monetary policy acts with a lag, the Fed should “wait and see” what results occur from actions already taken. That was in line with several other recent FOMC speakers, and it is obvious that the Fed will stay “paused” at its upcoming meeting set. Powell and several other FOMC members have indicated that the up-spike in rates has clearly tightened financial conditions and i …
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