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Bond Yields <br />US Treasury Note Yields <br />3.5 <br />3.0 <br />2.5 <br />2.0% <br />v <br />1.5% <br />1.0 <br />0.5 <br />0.0 <br />• 2-Year <br />5-Yaar <br />OPc� �drZ ✓�,� 1 SPpZ OPcz 2far� ✓�,� � SPp� OPc� <br />9 9 9 9 O O O O <br />Source: Bloomberg <br />US Treasury Yield Curve <br />3.5 <br />3.0% Dec-20 <br />Sep-20 <br />2.5 /o Dec-19 <br />2.0 <br />} 1.5 <br />1.0 <br />0.5 <br />0.0 <br />,7' 6'0 )yr Syr ,yr .70yr �0yr <br />Source: Bloomberg <br />Treasury yields were much lower on a year -over -year basis at 2020 year-end. The 3-month T-bill yield was down 149 basis points, the 2-year <br />Treasury yield was down 145 basis points, and the 10-Year Treasury yield was down 100 basis points, year -over -year. Yields declined <br />precipitously in March 2020, with the Fed cutting rates by a total of 150 basis points and a flight to safe -haven assets driving down yields across <br />the curve. The Fed has signaled plans to keep the front end of the Treasury yield curve anchored near zero for at least the next few years. <br />14 Qtj <br />21 <br />