Yield levels across the curve remain low by historical standards, however More curve steepening is likely in 21, as is outperformance by Treasury InflationProtected Securities, said Bryce Doty, portfolio manager at Sit Fixed Income AdvisorsSources and Uses Table WASHINGTON The US Department of the Treasury today announced its current estimates of privatelyheld net marketable borrowing for the January March 21 and April June 21 quarters During the January March 21 quarter, Treasury expects to borrow $274 billion in privatelyheld net marketable debt, assuming an endofMarch cash balance of $800 billionYieldcurve steepening shows up 15 months later as smallcap outperformance Plus, investmentnewsletter commentary on consumer spending, the end of the ReaganVolcker era, and bank M&A 21 Fixed Income Outlook Calmer Waters Charles Schwab Treasury yield curve 2021