
Issuer & Investor Update
The Next FOMC Meeting is November 1, 2023, with an 99.3% probability of holding steady and 0.7% chance of implementing a 25 basis point rate increase, according to CME Group's FedWatch Tool. The 10-year treasury has flirted with 5% over the past few weeks, which is an important plateau for financial watchers. US Treasury Secretary Janet Yellen stated the increase in longer-term rates is a reflection of a strong US economy, not the expansion of government borrowing. The U.S. Economy grew at a 4.9% pace last quarter, which was the fastest expansion since 2021. That pace was more than double second quarter grown, according to a preliminary estimate released by the federal government.