2023 was one of the most interesting years to be an investor. Volatility raked wide swaths of the bond market throughout the year, as regional banks came under pressure, inflation expectations swung up and down, and Fed policy was priced and repriced. The yield on U.S. 10-yr treasuries began the year at 3.87%, went as low as 3.30%, as high as 5.0%, and ended 2023 just below 4%. The MOVE Index (a measure of fixed income volatility derived from options on U.S. Treasury Bonds) saw levels unmatched since the great financial crisis.


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