Market Report:
July 1
May was a month of recovery following the “Liberation Day” tariff announcements in April, when markets took a significant, but short-lived, tumble. With trade deals emerging, fears of the worst-case scenario for tariffs began to disappear. However, investors discovered a new fear emerging from the U.S. government: a budget bill that would further widen deficits made it through the House of Representatives. Fiscal woes, coupled with fears of higher inflation, pushed global long-term yields higher. During May 30-year U.S. Treasury yields reached their highest level since 2006. The yield on the 2-year Treasury note rose 30 basis points to 3.90%. The yield on the benchmark 10-year Treasury rose 24 basis points to 4.40%, up from 4.16% at the end of April. The yield on the 30-year Treasury rose 25 bps to 4.93%.
Monthly Economic and Market Commentary
Day to Day Fund
As of 2025-06-23
Day to Day Fund Balance
$1,368,684,660.13
Net Asset Value
$1.00
7 Day Yield
4.41%
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Short-Term Bond Fund
As of 2025-06-23
Short-Term Bond Fund Balance
$610,474,609.69
Net Asset Value
$29.57
30 Day Yield
4.30%
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"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.”
Upcoming Events
Sector Allocation
% of Portfolio Assets (04/30/2025)
Commercial Paper
22.26%
Repurchase Agreements
17.74%
Certificate of Deposit
16.31%
Corporates
11.98%
Asset Backed Securities
11.47%
U.S. Treasuries
7.76%
Municipals
7.44%
Govt. Related Securities
4.53%
Money Market
0.36%
Coll. Mort. Obl.
0.15%
U.S. Treasury Notes
29.84%
Corporates
29.13%
Asset Backed Securities
27.02%
Coll. Mort. Obligations
11.86%
Government Related Securities
1.18%
Money Market
0.84%
Your Investment
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