Market Review – Spring 2017

The post-election bond market volatility that occurred during the fourth quarter of 2016 continued into the first quarter of 2017. The 10-year AAA MMD index reached a low of 2.14% on January 18th and topped out at 2.49% on March 14th. The difference between the high and low yield for the quarter looks large, however; in absolute terms the yield change over the quarter was muted as the index ended the quarter yielding 2.23%, after starting the quarter at 2.31%.