Source: US Dept. of Treasury End of Day
• Yields fell over the week with the two-year Treasury note falling by eight basis points to 4.88% while the five-year note decreased by two basis points to 4.51%.
• Deflation continued to stall as the Fed preferred inflation gauge, core PCE went unchanged in April, matching expectations and advancing by 0.2% for the month and 2.8% over the trailing twelve months.
• Higher interest rates may be finally catching up with the consumer as personal spending and real personal spending both came in lower than expected in April at 0.2% and -0.1%, respectively.
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