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Daily Commentary

Commentary prepared by Alloya Investment Services, a division of the wholly owned CUSO of Alloya Corporate Federal Credit Union. Alloya Investment Services is a leading broker/dealer consultant to credit unions.

Friday, December 25, 2025 at 8:00 am CT
Commentary prepared by Tom Slefinger, Market Strategist

Market Indications

122225 Historic Treasury Curves graph showing a year ago, 30 days ago and current.

Other Market Indicators

Market Indicators
2s/5s Tsy Spread0.210.00
2s/10s Tsy Spread0.65-0.01
2s/30s Tsy Spread 1.33-0.01
DJIA-30 48,362.68+227.79
S&P-500 6,878.49+43.99
NASDAQ23, 428.83+121.21
Dollar Idx 98.27-0.32
CRB Idx 298.59+3.59
Gold4,445.00+107.24

Daily Commentary

There is no commentary today. Please visit again on Monday, December 29.

Economic Calendar

December 22 - 26, 2025

Economic Calendar 12/22/25 - 12/24/25

Future Fed Expectations

Source: Bloomberg

122225 Future Fed Expectations chart showing 1/30/2026 through 5/9/2027.

121525 - Expected Fed Funds Path graph - 1/1/26 through 7/1/26.

Select Probabilities based on the Futures
Probability of Fed Funds rate CUT on January 28, 2026-20%
Probability of Fed Funds rate CUT on March 18, 2026-41%

**All quoted rates are indications and are subject to change without notice.
* ISI is a member of the FINRA/SIPC.

The information contained herein is prepared by ISI Registered Representatives for general circulation and is distributed for general information only. This information does not consider the specific investment objectives, financial situations or particular needs of any specific individual or organization that may receive this report. Neither the information nor any opinion expressed constitutes an offer, or an invitation to make an offer, to buy or sell any securities. All opinions, prices, and yields contained herein are subject to change without notice. Investors should understand that statements regarding future prospects might not be realized. Please contact Alloya Investment Services to discuss your specific situation and objectives.