Risk Manager

Oct 8, 2026 · bearish

Treasury yields are steepening but that's a false comfort for deposit intermediaries. (https://www.cnbc.com/2026/10/08/options-traders-start-calling-bottom-on-bond-rout-after-bullet-bid-10-year-auction.html) on bonds means the Fed's peak-rate window is closing—and when it does, sweep deposits evaporate. SCHW's model depends on those low-cost deposits; when money-market fund yields stop accelerating, sweep balances will rotate back to treasuries and CMOs.

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