(Y TW ) Brokered CDs 2 yr 1.508 1.856 -0.348 2.805 S&P 500 ...

1

Weekly Interest Rate Monitor

Treasury/Agency/CDs/MBS

Item

Friday

Prev.

Change

Treasuries (YTW)

1 yr

0.170

0.180

-0.010

2 yr

0.200

0.220

-0.020

5 yr

0.360

0.360

0.000

7 yr

0.530

0.510

0.020

10 yr

0.640

0.600

0.040

30 yr

1.270

1.170

0.100

Treasury Inflation-Protected Securities (TIPS)( Y TW )

5 yr

-0.350

-0.357

0.007

10 yr

-0.454

-0.512

0.058

30 yr

-0.147

-0.266

0.119

Agencies ( Y T W )

1 yr

0.243

0.328

-0.085

2 yr

0.269

0.313

-0.044

5 yr

0.598

0.616

-0.018

7 yr

0.838

0.860

-0.022

10 yr

1.089

1.134

-0.045

20 yr

1.638

1.675

-0.037

MBS (Current Cpn 30-yr) ( Y TW )

FNMA

1.562

1.766

-0.204

GNMA

1.340

1.425

-0.085

Brokered CDs ( Y T W )

3 mo

0.200

0.450

-0.250

6 mo

0.300

0.400

-0.100

1 yr

0.400

0.500

-0.100

2 yr

0.500

0.900

-0.400

3 yr

0.700

0.750

-0.050

5 yr

1.000

1.150

-0.150

7 yr

1.100

1.250

N/A

10 yr

1.450

1.600

-0.150

4.00

Treasuries

3.50

Corporate (A)

Corporate (BBB)

3.00

Industrial (A)

2.50

Financial (A)

2.00

Utility (A)

1.50

1.00

0.50

0.00

1-yr

2-yr

5-yr

1-yr Ago

2.410 2.350 2.340 2.440 2.550 2.940

0.550 0.646 0.992

2.442 2.379 2.422 2.567 2.757 3.145

3.285 3.057

2.350 2.400 2.400 2.450 2.550 2.750 2.000 3.000

Corporate/Credit

Item

Friday

Prev.

Change

Corporate CDX Index (CDS Index)

5 yr

90.400 94.144

-3.744

10 yr

115.651 116.596

-0.945

Corporate Index (A) ( Y T W )

1 yr

0.962

1.067

-0.105

2 yr

0.962

1.041

-0.079

5 yr

1.416

1.427

-0.011

10 yr

2.160

2.110

0.050

30 yr

2.899

2.794

0.105

Corporate Index (BBB) ( Y TW )

1 yr

1.504

1.604

-0.100

2 yr

1.620

1.698

-0.078

5 yr

2.158

2.200

-0.042

10 yr

2.846

2.838

0.008

30 yr

3.499

3.409

0.090

Industrial (A) ( Y T W )

2 yr

0.994

1.061

-0.067

5 yr

1.345

1.367

-0.022

10 yr

2.036

1.998

0.038

30 yr

2.954

2.850

0.104

Financial (A) ( Y T W )

2 yr

1.281

1.400

-0.119

5 yr

1.727

1.789

-0.062

10 yr

2.454

2.435

0.019

30 yr

3.336

3.222

0.114

Utility (A) ( Y T W )

2 yr

0.963

1.001

-0.038

5 yr

1.391

1.429

-0.038

10 yr

2.157

2.153

0.004

30 yr

2.933

2.847

0.086

1-yr Ago

58.859 105.103

2.703 2.746 2.950 3.458 4.026

2.937 3.040 3.374 4.033 4.609

2.716 2.881 3.313 4.021

2.807 2.996 3.433 4.098

2.815 3.021 3.484 4.082

Municipal Bonds

Item

Friday

Municipal (AAA) ( Y T W )

Prev.

Change

1 yr

0.784

0.827

-0.043

2 yr

0.824

0.857

-0.033

5 yr

1.005

0.978

0.027

10 yr

1.348

1.287

0.061

15 yr

1.761

1.688

0.073

20 yr

1.957

1.890

0.067

25 yr

2.132

2.066

0.066

30 yr

2.211

2.141

0.070

Municipal G.O. (AAA) TEY 37%

1 yr

1.244

1.313

-0.068

2 yr

1.308

1.360

-0.052

5 yr

1.595

1.552

0.043

10 yr

2.140

2.043

0.097

15 yr

2.795

2.679

0.116

20 yr

3.106

3.000

0.106

25 yr

3.384

3.279

0.105

30 yr

3.510

3.398

0.111

Equities, Commodities & Other Rates

Equities (Price Appreciation)

DJIA

23723.69 23775.27

-51.58

S&P 500

2830.71 2836.74

-6.03

Nasdaq

8604.95 8634.52

-29.57

Commodities

Gold

1700.42 1729.60

Oil

19.78

16.94

-29.18 2.84

Other Rates

3m LIBOR

0.541

0.887

-0.346

Eur/USD

1.098

1.082

0.016

USD/Yen

106.910 107.510

-0.600

10-yr

4.00

3.50

3.00

2.50

2.00

1.50

1.00

0.50

0.00

30-yr

1-yr

Treasuries AAA Muni AAA Muni @ 37%

2-yr

5-yr

10-yr

30-yr

1-yr Ago

1.531 1.551 1.621 1.858 2.158 2.363 2.485 2.543

2.430 2.462 2.573 2.949 3.425 3.751 3.944 4.037

26307.79 2917.52 8036.77

1270.69 59.35

2.57 1.12 111.51

Source: (Bloomberg LP, RaymondJames) as of 5/4/2020.

Additional Resources: Fixed Income Weekly Primer, Index Monitor and Chartbook

The author of this material is a Trader in the Fixed Income Department of Raymond James & Associates (RJA), and is not an Analyst. Any opinions expressed may differ from opinions expressed by other departments of RJA, and are subject to change without notice.

The data and information contained herein was obtained from sources considered to be reliable, but RJA does not guarantee its accuracy and/or completeness. Neither the information nor any opinions expressed constitute a solicitation for the purchase or sale of any security referred to herein.

This material may include analysis of sectors, securities and/or derivatives that RJA may have positions, long or short, held proprietarily. RJA or its affiliates may execute transactions which may not be consistent with the report's conclusions. RJA may also have performed investment banking services for the issuers of such securities.

Investors should discuss the risks inherent in bonds with their Raymond James Financial Advisor. Risks include, but are not limited to, changes in interest rates, liquidity, credit quality, volatility, and duration. Past performance is no assurance of future results.

CDs offer FDIC insurance and a fixed rate of return whereas both principal and yield of investment securities will fluctuate with changes in market conditions. CDs are insured by the Federal Deposit Insurance Corporation (FDIC), an independent agency of the United States government, for up to $250,000 per depositor. The coverage limit refers to the total of all deposits that an account holder(s) has at each FDIC- insured bank.

The DJIA (Dow Jones Industrial Average) is a price-weighted index of 30 significant stocks. The S&P 500 is an index of 500 widely held securities meant to reflect the risk/return characteristics of the large cap universe. The NASDAQ Composite Index is an index of all stocks traded on the NASDAQ over-the-counter market.

The Bloomberg U.S. Corporate Bond Indexes are comprised of the "active" (most frequently traded) fixed coupon bonds represented by FINRA TRACE, FINRA's transaction reporting facility that disseminates all over-the-counter secondary market transactions in these public bonds.

The Markit CDX North America Investment Grade Index is composed of 125 equally weighted credit default swaps on investment grade entities, distributed among 6 sub-indices: High Volatility, Consumer, Energy, Financial, Industrial, and Technology, Media & Tele-communications. Markit CDX indices roll every 6 months in March & September.

A credit rating of a security is not a recommendation to buy, sell or hold securities and may be subject to review, revisions, suspension, reduction or withdrawal at any time by the assigning rating agency.

U.S. Treasury securities are guaranteed by the U.S. government and, if held to maturity, offer a fixed rate of return and guaranteed principal value.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed web sites or their respective sponsors. Raymond James is not responsible for the content of any web site or the collection or use of information regarding any web site's users and/or members.

Taxable Equivalent Yield (TEY) is a method of comparing yields of tax-exempt bonds to those of taxable bonds on a pre-tax basis. TEY is the yield required on a taxable bond to equal the yield of a tax-free bond. It is calculated by dividing the tax-free yield by the reciprocal of the federal tax rate. The highest U.S. tax bracket of 37% is used in this material. While interest on municipal bonds is generally exempt from federal income tax, it may be subject to the federal alternative minimum tax, or state or local taxes. In addition, certain municipal bonds, such as Build America Bonds (BAB), are issued without a federal tax exemption, which subjects the related interest income to federal income tax.

Mortgage Backed securities (MBS) are exposed to various risks including but not limited to credit (risk of default of principal and interest payments), market, interest rate, prepayment, and reinvestment risks. Unless issued by GNMA, MBS's are not backed or guaranteed by any government agency.

The Bloomberg U.S. municipal curve is populated with high quality US municipal bonds with an average rating of AAA from Moody's and S&P. The yield curve is built using non-parametric fit of market data obtained from the Municipal Securities Rulemaking Board, new issues, and other proprietary contributed prices. The curve represents 5% couponing. The 3 month to 10 year points are bullet yields, and the 11 year to 30 year points are yields to worst for a 10-year call.

Yield-to-worst (YTW) is the lowest bond yield generated, given the potential stated calls prior to maturity. An investment cannot be made in the unmanaged indexes mentioned in this material.

Investment products are: not deposits, not FDIC/NCUA insured, not insured by any government agency, not bank guaranteed, subject to risk and may lose value.

Ref. 2483058 until 04/01/2021 ? 2020 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC

? 2020 Raymond James Financial Services, Inc., member FINRA/SIPC Raymond James Corporate Headquarters 880 Carillon Parkway, St. Petersburg, FL 33716

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