On watch

The stock market is closed today for former President Jimmy Carter’s state funeral, but bond markets are open until 2 PM ET. Interesting things have been happening in the fixed-income world over the past few months as the Fed embarked on an easing cycle. All three interest rate cuts by the central bank since September have seen a subsequent INCREASE in longer-term Treasury yields (though those are more associated with the longer-term monetary and fiscal landscape, as well as economic conditions).

Snapshot: The 10-year Treasury yield (US10Y) rose to 4.73% on Wednesday, a whole percentage point higher than the level seen only a quarter ago, while the 20-year Treasury (US20Y) topped 5% for the first time since 2023. Concerns…