The last few years have presented interesting challenges for bond investors. In 2022 and 2023, fixed income portfolios were faced with how to position for what ended up being historic rate hikes.
But now, the pendulum has shifted, and the investment profile has moved to how to position one’s bond allocation for rate cuts. Against this backdrop, I thought it would be useful to offer readers insights on how Treasury (UST) yields operate, especially in relation to the Fed Funds target.
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