Treasury Market Moves Out of the Loss Column for 2023

The 10-year T-Note has erased all recent gains in the term premium

Highlights

• The equity market remains lopsided, with gains driven by a handful of stocks 

• A weaker U.S. dollar is good news for Emerging Market assets 

• The 10-year T-Note has erased all recent gains in the term premium — investors are preparing for an easing cycle 

• There is more disinflation in the pipeline, and bond yields will follow inflation down