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Bond Market Reference Tables

Bond market reference tables cover the historical series and relationships that fixed-income investors track when assessing rate risk, credit risk, and relative value. This section includes long-run Treasury yield history, Federal Reserve rate decision history, investment-grade and high-yield credit spread series, and reference data on duration and convexity.

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Direct Answer

Bond market reference tables provide the historical context for current rates and spreads. Whether a 5% 10-year Treasury yield is high or low depends on where it has been over decades. Whether a 400 basis point high-yield spread is wide or tight depends on its historical range. Reference tables make those comparisons concrete by presenting the actual historical series rather than a single current reading.

Common questions

What is the relationship between Treasury yields and credit spreads?

Credit spreads are the additional yield that corporate bonds pay above a benchmark Treasury of the same maturity, compensating investors for default risk and lower liquidity. When Treasury yields rise sharply (risk-off), credit spreads often widen simultaneously, making the move in corporate yields larger than the Treasury move alone. In risk-on environments, spreads compress as investors seek yield, often even as Treasury yields rise modestly.

Why does the Fed funds rate matter for bond investors?

The Fed funds rate is the short-term anchor for the entire yield curve. When the Fed raises rates, short-term Treasury yields rise quickly while long-term yields move more slowly, depending on expectations for future growth and inflation. The resulting shape of the yield curve (normal, flat, or inverted) affects the relative attractiveness of bonds at different maturities and signals the bond market's view of the economic cycle.

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This guide was written and reviewed by the Swoopr Editorial Team, which researches and maintains Swoopr Investment's educational library.

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