The Portsmouth Supplemental Retirement Board meeting on November 2, 2023, focused on the current state of treasury yields and their historical context. Board members discussed the significance of the recent spike in 10-year treasury yields, which have reached 4.73%, and 30-year treasury rates at 4.92%.

During the meeting, a presentation highlighted that while these rates may seem high compared to recent years, they are relatively average when viewed over a longer historical timeline of 150 years. The discussion emphasized that the peak rates in March 1980 were around 20%, illustrating the fluctuations in interest rates over time.

The board noted that the low interest rates following the 2008 financial crisis were a deliberate effort to stimulate the economy, which has contributed to the current perception of higher rates. The rapid increase in treasury yields observed in the last quarter was also a key point of discussion, indicating a significant shift in the financial landscape.

Overall, the meeting underscored the importance of understanding treasury yields in the context of historical trends and their implications for the retirement board's financial strategies moving forward. The board plans to continue monitoring these developments closely as they affect retirement funding and investment decisions.