Week of September 8, 2025
The thirty-year U.S. Treasury bond yield dropped by a quarter of a percentage point last week, with mortgage rates following a similar decline. Notably, this occurred without any intervention from the Federal Reserve. Chair Jerome Powell was spared from action. As we have maintained for over three decades, the Fed has limited influence over long-term interest rates, regardless of political pressure or criticism, including that from President Trump. Our Signals remain unchanged.
Bob Bilkie, CFA
