Jan. 02, 2026 7:45 PM ETUnited States 2-Year Bond Yield (US2Y), US5Y, US10Y, US30YTLT, SPTL, VGLT, XTWY, SCHQ, GOVZ, ZROZ, IEF, VCIT, BIV, VGIT, SCHR, BSV, VGSH, SCHO, SPTS, SHY, XTRE, DJTLSST, VLGSX, VUSTX, PRULX, VEDTX, FBLTX, PEDIX, IG, LQD, IBD, VTC, MIG, SPIB, CORP, SPBO, PFIG, QLTA, LQDH, FCOR, SKOR, LKOR, QIG, GIGB, SUSC, IGEB, FLCO, KORP, IGBH, IGIB, USIG, BBCB, DRSK, LQDI, SCHI, VCEB, MBBB, LQDB, JHCB, CMF, PWZ, FCAL, MINN, MUB, FMB, OVM, MUNI, VTEB, FLMI, MMIT, MMIN, HMOP, TAXF, MUST, IBMO, IBMP, JMUB, MBND, AVMU, INMU, RTAI, TFI, PZA, ITM, MLN, XMPT, RVNU, FLMB, IBMQ, SHM, PVI, SMB, SUB, SMMU, MEAR, FUMB, FSMB, JMST, NYF, FMNY, PZT, BSMQ, BSMR, BSMS, BSMTDavid Kotok2.67K FollowersCommentsIn general, we saw yields come down in all asset classes except the long end of the market.Both treasuries and corporate yields declined 68 basis points, reflecting an economy that showed signs of slowing and a Federal Reserve that started to cut interest rates again this year.Treasury yields in 30-year were 4 basis points higher and corporates down a basis point, but long munis had a tougher year, with longer bond AAA yields rising 35 basis points during the year.Torsten Asmus/iStock via Getty ImagesBy John R. Mousseau, CFAAs we pull to a close in 2025, we present below the yields on US Treasuries, AA corporates, AAA munis, and the taxable equivalent of AAA munis (using a 37% top federal tax rate) for theThis article was written byDavid Kotok2.67K FollowersDavid Kotok (Substack: https://dkotok.substack.com, The Fed and the Flu book website, https://thefedandtheflu.com ) co-founded Cumberland Advisors in 1973 and was its Chief Investment Officer from inception until December 2024. David’s articles and financial market commentaries have appeared in The New York Times, The Wall Street Journal, Barron’s, and other publications. He has been a contributor to Bloomberg TV and Bloomberg Radio, Yahoo Finance TV, and other media. He has authored or co-authored five books, including the newest one released in 2025, for details: www.thefedandtheflu.com . He holds a B.S. in economics from The Wharton School of the University of Pennsylvania, an M.S. in organizational dynamics from The School of Arts and Sciences at the University of Pennsylvania, and an M.A. in philosophy from the University of Pennsylvania.David was Program Chairman and a Director of the Global Interdependence Center (GIC), www.interdependence.org , whose mission is to encourage the expansion of global dialogue and free trade in order to improve cooperation and understanding among nation states, with the goal of reducing international conflicts and improving worldwide living standards. David chaired its Central Banking Series and organized a five-continent dialogue held in Cape Town, Hong Kong, Hanoi, Milan, Paris, Philadelphia, Prague, Rome, Santiago, Shanghai, Singapore, Tallinn, and Zambia (Livingstone). He has received the Global Citizen Award from GIC for his efforts. David is a member of the National Business Economics Issues Council (NBEIC), the National Association for Business Economics (NABE), has served on the Research Advisory Board of BCA Research and is currently on the advisory board of RiskBridge Advisors. He has also served as a Commissioner of the Delaware River Port Authority (DRPA) and on the Treasury Transition Teams for New Jersey Governors Kean and Whitman. Additionally, he has served as a board member of the New Jersey Economic Development Authority and as Chairman of the New Jersey Casino Reinvestment Development Authority.Comments