Source: US Dept. of Treasury End of Day
• Yields pushed higher over the week with the two-year Treasury note rising by 21 basis points to 2.68% while the five-year note also increased by 21 basis points ending the week at 2.93%
• The labor market remains strong as the economy added 390 thousand jobs in May versus an expected 320 thousand, and to the delight of the Fed, participation increased by 0.1% while hourly earnings moderated slowing any momentum of a wage spiral that could further fuel inflation
• Despite some welcoming signs that inflation may be cooling, the Fed understands that one, maybe even two data points do not represent a trend as the committee remains on track to hike the federal funds rate by 50 basis points at each of next two upcoming meetings
