Law … and Order? The fiscal “discipline” by both bond and stock investors caused the administration to walk back some of the harshest rhetoric regarding tariffs. After yields rose every day between April 4 and 12, they actually retreated the remainder of the month. The two-year note’s yield fell about 26 basis points for April, while the 10-year note fell about three basis points. It’s fair to say part of the return to relative calm was the administration softening its commentary on the removal or firing of Fed Chairman Jay Powell. The major stock market indices, all of which were down by double-digit percentages mid-month, ended up basically unchanged between +1% and -3%. The takeaway? Whether you consider yourself a bond vigilante or merely an observer, it’s clear that they’re back — and watching. The gang also has shown it still has enough collective clout to move bond market yields, and influence monetary, fiscal and trade policies. Those who choose to tangle with this notorious bunch had better pack a lunch — it could be a long slog. Virtual Bond School ICBA Securities and its exclusive broker, Stifel, will present a three-part bond academy June 12-14 from approximately 1:00 p.m.-4:00 p.m. Eastern. This bond basics curriculum will offer up to nine hours of CPE. The program is complimentary. To register, contact your Stifel rep. Jim Reber (jreber@icbasecurities.com) is president and CEO of ICBA Securities, ICBA’s institutional, fixed-income broker-dealer for community banks. Our owners sit across from clients, not across the country. COMPREHENSIVE IT SOLUTIONS See the difference at JMARK.COM/LOCAL Our CEO? He’s a midwest business owner. He’s in the room. He knows our clients by name. Knows your business, your IT challenges, and your team. We don’t answer to shareholders. We answer to you. Our neighbors. Our community. That’s the JMARK difference. Not because it’s trendy. Because it’s right. Let’s Talk. 844-44-JMARK The Show-Me Banker Magazine | 23
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