It’s been a volatile ride for the US fixed-income market through the first half of 2021. After interest rates seemed to be more or less “renormalizing” in their climb back to pre-pandemic levels, the US Treasury market rallied: In the span of three months, the yield on the 10-year note dropped from 1.74% on March 31 to 1.45% on June 30, with continued downward pressure in July.
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Important Risks: Investing involves risk, including the possible loss of principal.• Fixed-income security risks include credit, liquidity, call, duration, and interest-rate risk. As interest rates rise, bond prices generally fall. • US Treasury securities are backed by the full faith and credit of the US government as to the timely payment of principal and interest. • Diversification does not ensure a profit or protect against a loss in a declining market.
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