October 25
The third quarter of 2026 was a volatile period for U.S. Treasury rates, with yields moving sharply higher as the Federal Reserve (Fed) pivoted to tightening. Consistently strong economic data prints, including a much larger than expected August payrolls report, increased expectations for a rate hike which arrived mid- September, where the FOMC raised the policy rate by 25 basis points to lift the target range to 3.75%–4.0%. This decision, preceded by five consecutive decisions to hold rates steady, was unanimous. During September the yield on the 2-year Treasury rose 55 basis points (“bps”) to 4.89%. The yield on the benchmark 10-year Treasury rose 53 bps to 5.28% and the yield on the 30-year Treasury rose 21 bps to 5.63%.
Financial Fridays Sessions
Jeffrey Cleveland, Chief Economist on inflation prospects - Hope is not a strategy. Click below for more.
Hope is not a strategy: Click Here.
Day to Day Fund
As of 2026-10-19
Day to Day Fund Balance
$1,331,246,318.78
Net Asset Value
$1.00
7 Day Yield
3.95%
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Short-Term Bond Fund
As of 2026-10-19
Short-Term Bond Fund Balance
$783,925,821.53
Net Asset Value
$30.67
30 Day Yield
4.65%
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Funds professionally managed by Payden & Rygel for 29 years running.

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