At the beginning of May, monetary policymakers at the Fed raised the federal funds rate (FFR) by 50 basis points, pushing the target range to 0.75%-1.00%. Markets rallied on the news because Fed Chair Jerome Powell took the potential for a 75-basis-points hike off the table at the post-meeting press conference. Month-over-month, the yield on the 2-year US Treasury note fell 15 basis points to end May at 2.56%. The yield on the benchmark 10-year Treasury fell nine basis points to 2.84%.
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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.”