Market Commentary
Broad Market Conditions
The U.S. yield curve inverted in October of 2022 and has remained so since. This is the longest period of inversion since the early 1980’s. Womp womp.
The current spread between the two tenors is -85 basis points as of May 29, 2024, while the 10-year average is 1.62%.
Pinebrook’s view is that the shape of the yield curve is a policy choice. The policy…