The 10-year Treasury yield rose from 1.66% to 2.90% - a rise of 75% since the beginning of the year. The 10-Year yield has doubled since December 2nd. The Consumer Price Index (CPI) is running at 8.5%, the Personal Consumption Expenditure Deflator (PCE) is 5.3%. Both are at the highest readings since the early 1980’s. Where are we headed from here?

Fixed income sought direction in the third quarter as investors absorbed news regarding potential tapering, continued stimulus, the debt ceiling, and an ever present debate regarding the magnitude and duration of inflationary forces.

Fixed income found its footing in the second quarter with many sectors turning positive for the first time this year.