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At the end of the third quarter, the City's portfolio consisted of 67% of the portfolio maturing overnight, 3% <br />of the City's portfolio matures in 1-12 months, 14% maturing in 12-24 months and 16% maturing beyond <br />two years. <br />By Investment Maturity <br />GOvernight M I-12 Months <br />0 12-24 Months M24-36 Months <br />Currently, the 3-month T-Bill is at 0.04%; 2-year, at 0.45%; 5-year, at 1.68%; and, the 20-year is at 3.15% <br />(see yield curve below). A year ago, the 20-year treasury was yielding 3.07%. Rates have fluctuated slightly <br />on the long end; however, rates remain stagnant on the short end. <br />Yield Curve <br />0 <br />4.00 /o <br />Oe <br />3.00% <br />2.00% <br />1.00% <br />0.00% <br />E:Z <br />b <br />Treasury Bills <br />mmm=3 months ago current <br />The most current overnight rate was set on December 16, 2008 at 0.00% to 0.25%. The target funds rate is <br />projected to remain unchanged through 2014. The consensus among economists is that the Fed Funds rate <br />may slowly start to increase beginning in the spring of 2015, although that highly depends on the health of <br />the economy. We will continue to focus on laddering the portfolio to maintain a constant cash flow and a <br />liquid position. <br />