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County treasurer reports 4.26% effective rate, cautions on tariffs and labor data
Summary
Assistant Treasurer-Tax Collector Jake Stroud presented the county—s quarterly investment report, citing an effective portfolio rate near 4.26%, recent earnings and portfolio diversification, and flagged tariff-related volatility and downward revisions to national job numbers as items the treasury is monitoring.
Jake Stroud, assistant treasurer-tax collector, delivered the county—s quarterly investment report for the period ending June 30, 2025, telling trustees the economy remains resilient but shows signs of softening that could affect yields and policy. He reported a portfolio effective rate of about 4.26% and discussed credit quality, maturity distribution and sector exposure.
Stroud walked the board through how tariffs and headline data have driven intra-quarter volatility, noting year-over-year consumer-price inflation "was at 2.4% in May," and that some recent job gains had been revised downward; he said those revisions make the Federal Reserve—s path less certain. "The yellow dots represent key events or policy changes," Stroud said while describing a slide on tariff timing and market impacts.
On portfolio specifics, staff told trustees the county manages just under 300 securities with conservative, blue-chip holdings, a corporate allocation around 20.8% (policy limit 30%), and emphasized liquidity in the 1-3 year maturity window. Stroud cited large fiscal-year investment earnings in the packet and said the county remains in compliance with government code and its investment policy.
Trustees asked for clarification on data sources and cross-checks for labor statistics; Stroud acknowledged the need to cross-check Bureau of Labor Statistics releases and said the treasury will continue monitoring multiple indicators as it positions the portfolio.
