Market Updates

• Yields surged higher over the week with the two-year Treasury note rising by 34 basis points to 4.21% while the five-year note increased by 35 basis points to 3.99%

• The Federal Reserve raised the benchmark interest rate by 75 basis points last Wednesday to an upper bound of 3.25% in their ongoing effort to slow down inflation

• Following the rate hike, the FOMC released economic projections where growth was revised downward, and unemployment revised upward by 0.9%, an increase that historically has always occurred with a recession

• The Fed’s rate hikes have yet to be felt meaningfully by most industries but are continuing to bring immediate pain to the real estate market as existing home sales fell for a seventh consecutive month, a streak not seen since 2007