BAS Presentations - March 2023

3/1/2023

Bond Prices (Values) Move Opposite Interest Rates

Appreciation/Depreciation % of Bond Portfolio

4%

0% 3%

3%

‐ 9% ‐ 6% ‐ 3%

2%

‐ 13%

1%

10 ‐ Year Treasury Yield

‐ 15% ‐ 12%

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Securities Review – August 2022 Exam

Management invested heavily in long-term Municipal bonds in 2020 and 2021…

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