Geopolitical concerns, low inflation drive Treasury yields down, the 10 year is near a 1 year low at about 2.45%…..Meanwhile, the yield curve is extremely flat with shorter termed treasury yields staying relatively high while the long end yields drop. CMBS trading remains active well into the summer as international concerns do not seem to be widening credit spreads. The last few weeks has seen some widening in the swap spreads, (about 3 bps), so all-in 10 year rates for full leverage now averaging below 4.50%…stay tuned…. David R. Pascale, Jr.