Portfolio Update

Did Last Week Bring *Two* Seismic Events?

Part I

Treasury Yields

In our view, there were a pair of dramatic developments last week. One was the clear breakout to an 18-year high by the yield on the 30-year U.S. T-bond. The move to 5.27% on Friday raises the very real possibility of taking out the resistance at just under 5.5% that runs all the way back to 2003.