Michael Wagner Comments on Short-term Treasury Market in Bloomberg

Michael Wagner, co-founder and chief operating officer at Omnia Family Wealth, commented on the short-term treasury market in the wake of Fed tightening this week.

As treasuries rallied, dragging yields down, Wagner told Bloomberg, “There is great potential value in the short-term treasury market right now.”

According to Bloomberg, shorter-tenor securities led the way, with yields on three-year and five-year notes at one stage tumbling as much as 19 basis points, while the 10-year note’s yield was down as much as 14 basis points to 2.65%, the lowest level since mid-April.

This comes as the Commerce Department’s preliminary estimate showed GDP fell at a 0.9% annualized rate after a 1.6% drop in the first three months of the year. Personal consumption, the biggest part of the economy, rose at a 1% pace, a deceleration from the prior period. Bloomberg reported that the “GDP report illustrates how inflation has undercut Americans’ purchasing power and tighter Fed monetary policy has weakened interest rate-sensitive sectors such as housing.”

To read the full article, click here.  As always, please do not hesitate to contact us with any questions. We are available via email or phone at (305) 602-9080.

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