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<br />The overnight rate set by the Fed has decreased. The most current overnight rate was set on October 8,2008 <br />at 1.50%. At the end of the fourth quarter, the City's portfolio consisted of 84% of the portfolio maturing <br />overnight (see graph below), 7% of the City's portfolio matures in 1.12 months and 9% maturing in 12-24 <br />months. <br /> <br />By Investment Maturity <br /> <br />9% <br /> <br /> <br />&4% <br /> <br />. Overnight <br /> <br />. 1-12 Months <br /> <br />012-24 Months <br /> <br />Currently, the 3-month T-Bill is at 1.72%; 2-year, at 2.26%; 5-year, at 3.00%; and, the 20-year is at 4.39% <br />(see yield curve below). <br /> <br />Yield Cune <br /> <br />5.00% <br /> <br /> <br />4.00% <br /> <br />3.00% <br /> <br />2.00% <br /> <br />1.00% <br /> <br />0.00% <br />0<:- 0<:- <br />f':J~ ro~ <br /> <br />" -* 'l- -* ~ -* <br />Treasury Bills <br /> <br />-* <br />",<:l <br /> <br />~\ <br />'l-<:l <br /> <br />-3 months ago -current <br /> <br />The overnight rate is currently at 1.50%. We will continue to focus on laddering the portfolio to maintain a <br />constant cash flow and a liquid position. <br /> <br />2 <br />