October 1, 2025

October 2025 monthly letter
Show-and-Tell Magic

In an effort to bring them down, a couple of weeks ago the Fed cut rates by a quarter-point (25 basis points). Yet, as if by magic, the 10-year Treasury note rose by 2 basis points to 4.127% and the 30-year Treasury added 2.5 basis points to 4.745%. Hmmm…what happens

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