Archive for September, 2012

September 2012

September 30, 2012  |   Monthly Commentary   |     |   0 Comment

With economic activity continuing to grow at a low single-digit pace, the Presidential race still too close to call, and the “fiscal cliff” looming, fixed income investor demand for safety continued in September. The flight to safety is most evident in the demand for 3-month U.S. Treasury Bills, which closed the month with a yield-to-maturity below 0.00%. As we’ve detailed for several months, business confidence has been shaken by the prospect of the fiscal cliff, ...