March 11
Interest rates started the new year with a decidedly bearish tone. Rates moved higher as the markets attempted to interpret how the economy would respond to new initiatives from the Trump administration. Potentially higher tariffs, deficit financing and the risk of poor inflation management pushed interest rates back up towards the highest levels from 2024 with longer maturities leading the way. However, by mid-month, inflation data appeared to moderate, and rates fully unwound the selloff and ultimately closed the month modestly lower.
Financial Friday presented by Moody's Analytics
Funds professionally managed by Payden & Rygel for 29 years running.

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