Market Outlook: Yield Curve Signals

Our fixed income team reviews the latest shifts in the yield curve and implications for portfolio positioning. As we enter the final weeks of 2025, the fixed income landscape continues to evolve with shifting Federal Reserve policy expectations and global economic uncertainty.

Key observations this week:

• The 2s10s spread has widened to 45 basis points
• Treasury volatility remains elevated
• Municipal credit spreads continue to tighten