Short-Term Treasury Market Walks Away from Rate-Cut Mania, Inflation Has Upper Hand

From mid-October through the end of January, the 6-month Treasury yield had dropped by about 43 basis points, from around 5.58% to 5.15% (green box in the chart below). This means roughly, that at the end of January, the 6-month yield – a calculated composite representing securities with about six months left before they mature...