Source: US Dept. of Treasury End of Day
• Interest rates decreased over the week with the 2-year Treasury note yield falling by 4 basis points to 3.92% while the 5-year Treasury note also fell by 4 basis points to 3.97%.
• Retail sales slumped in May, contracting by a more than expected -0.9% as consumers pulled back, notably on automobiles where consumers appeared to pull forward purchases in April hoping to get ahead of any tariff driven price hikes.
• The control group of retail sales staged a formidable 0.4% advance and should help Q2 GDP growth stage a decent rebound after Q1’s contraction.
• The Fed meeting yielded no surprises as the committee held the fed funds rate steady and left their rate forecast unchanged for the remainder of 2025 however, they again revised their growth forecast lower, inflation forecast higher and are expecting only one rate cut in 2026.
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