Secondary MarketingTakeaways:

Rates continue the slow grind downward, as Fixed Income prices improved just under another 25 bps this week. The curious focus is the yield curve: the 2 to 10 year Treasury curve remains inverted at negative 15bps. To put this more in perspective, any investor could choose to invest in 6month T-bill that would yield 4.89% as of this AM….by the same account, they could also choose to invest in 10 year Treasury Notes, but the yield would only be 4.48% ->a whopping 41 bps lower for investing 9.5 years longer, which makes little sense in a perfect financial and economic environment (the contributing reasons are many). Look for next Friday’s data to be the next market milestone. (the contributing reasons are many). Look for next Friday’s data to be the next market milestone.