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At the end of thefourthquarter, the City’s portfolio consisted of 72% of the portfolio maturing overnight, <br />9% maturing in 1 year, 8% maturing in 1-2 yearsand 11% maturing beyond two years. <br />By Investment Maturity <br />11% <br />8% <br />9% <br />72% <br />Overnight1-12 Months <br />12-24 Months24-36 Months <br />Currently, the 3-month T-Bill is at0.29%; 2-year, at0.77%; 5-year, at1.18%; and, the 20-year is at2.02% <br />(see yield curve below).Rates along the short end are the same as they were 3 months ago, and there have <br />beenno changes to the overnight rate. <br />Yield Curve <br />3.00% <br />2.00% <br />1.00% <br />0.00% <br />Treasury Bills <br />1 year ago3 months agocurrent <br />On December 16,2015the fed increased the target rate from 0.00% to 0.25%to a target rate of 0.25% to <br />0.50% marking the first rate increase in seven years.The Federal Open Market Committee decided not to <br />raise rates at the Septembermeeting; however, there is a heightened expectationfor a Fed rate hike in <br />December. While staffcontinues to monitor rates and economic conditions,the strategy for the portfolio <br />will,as always,focus on ladderingto pick up yield along the curve and maintaininga constant cash flow <br />and liquid position. <br />2 <br /> <br />