Jun 2, 2020 - Economy

The unmoving yield curve

Data: U.S. Department of the Treasury; Chart: Andrew Witherspoon/Axios

The S&P 500 has gained 24% since April 1, but U.S. Treasuries have been almost entirely unmoved.

Why it matters: Since the Fed announced its QE4ever program (also known as QEinfinity) on March 23, the U.S. Treasury market has been effectively corralled.

Details: After moving from 1.88% on Jan. 2 to 0.62% on April 1, pricing in expected economic deterioration, the yield on the benchmark 10-year Treasury note has not closed above 0.77% or below 0.61% since.

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