Source: US Dept. of Treasury End of Day
• Yields increased slightly over the week with the two-year Treasury note rising by two basis points to 4.74% while the five-year note increased by three basis points to 4.28%.
• Retail sales advanced by a less than expected 0.1% in May while April was revised down to a -0.2% pullback as consumer spending continues to lose momentum.
• While the retail sales report focuses mostly on goods and was largely influenced by a drop in gasoline prices in May, the single services category, sales at restaurants and bars, unexpectedly contracted by -0.4% potentially signaling waning demand for services.
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