Archive for July, 2013

June 2013 – Monthly Commentary

July 16, 2013  |   Monthly Commentary   |     |   0 Comment

As detailed in the last monthly update, we believe the normalization of interest rates has begun, as the vicious bear market witnessed in May continued into June.  During the month, the 10-year note reached a high yield of 2.61% before closing the month at a yield-to-maturity of 2.49%.  That’s nearly one hundred basis points higher than the 1.62% low touched in early May.  While we have been anticipating rising interest rates and had prepared for ...