Fixed Income

Bonds, rates, and the discount-rate spine of every equity.

2 modules

The 10-Year Treasury Bond: The benchmark rate that prices every asset on earth

In March 2020, the yield on the 10-year US Treasury note fell to 0.

Worked example: ARK Innovation ETF — 2021–2023 repricing: 10Y yield 0.5% → 4.2% drove a 75% drawdown without earnings collapse; pure duration shock

Credit Spreads and Corporate Bonds, the market's real-time verdict on financial stress

Available

In October 2008, the spread between investment-grade corporate bonds and US Treasury yields reached 620 basis points, the widest since the Great Depression.

Worked example: US credit spreads — 2022 cycle: IG peaked 170bps / HY peaked 590bps despite the fastest Fed tightening in 40 years; spreads correctly signalled "repricing, not credit crisis"