Market Updates

• Yields increased over the week with the two-year Treasury note rising by three basis points to 3.96% while the five-year note increased by nine basis points to 3.90%.

• Headline CPI advanced by a more than expected 0.2% in September while the year over year reading fell to 2.4% from 2.5% in August and was largely driven by a jump in food costs.

• Core CPI (excluding food and shelter) advanced by a robust 0.3% for the month and ticked up to an annual 3.3% being supported by faster than expected price gains for transportation services and medical care.

• The FOMC minutes released last week displayed a Fed committee that was more divided than initially thought on last month’s jumbo rate cut, going forward, markets are expecting a more gradual reduction of interest rates barring any further deterioration in the labor market.

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