Year-to-date, historic inflation prints led to a rapid change in interest rate expectations, and combined with rhetoric from the Fed, resulted in short-term interest rates moving up significantly (e.g., 6-month and 12-month Treasuries up 231 and 240 basis points, respectively; the six-month Treasury rose 90 bps in June alone as the Fed took a more aggressive stance on fighting inflation). Credit spreads were also wider during the month and quarter.
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Funds professionally managed by Payden & Rygel for 29 years running.
"It is my honor to serve as Chair of the Florida Trust – the longest running, member-owned and member-governed local government pool in the state. The Trust has met the investment and diversification needs of local governments all over Florida since its 1991 inception. Nearing its third decade, it continues to provide a great combination of safety, liquidity and yield, in that order."
“The Florida Trust provides local governments with two excellent investment options to manage public dollars safely and effectively. Polk County uses the Florida Trust Day to Day Fund to meet some of our short term investment needs and the Florida Trust Short Term Bond Fund to invest a portion of our core assets. We are pleased with the structure of the funds, the investment strategies used, the high quality of the securities purchased, and the overall level of service provided by Florida Trust staff and Payden & Rygel.”
"The Florida Trust is the longest running, member-owned and member-governed local government investment pool in Florida. Along with the Board of Trustees, the Florida Association of Court Clerks and Comptrollers, the Florida Association of Counties, our Investment Advisory Board, and our outstanding partners, I welcome and encourage you to join us where the future is bright-- at the Florida Trust.”