Aug 2023

Monthly Market Commentary

August marked the first credit rating downgrade of U.S. sovereign debt by a major ratings agency since 2011, as Fitch moved the U.S. credit rating to AA+ from AAA. For the month, U.S. Treasury yields rose across the belly and long end of the yield curve, as the 10-year Treasury yield increased 15 basis points (bps), the 30-year yield increased 20 bps, and the two-year fell 2 bps. The Bloomberg US Aggregate Bond Index fell 0.64% on the month.