Source: US Dept. of Treasury End of Day
• Interest rates decreased slightly over the week with the 2-year Treasury note yield falling by two basis points to 3.88% while the 5-year Treasury note fell by three basis points to 3.95%.
• June’s retail sales report showed the consumer bounce back with the headline figure advancing by a greater than expected 0.6% while the control group that feeds directly into the GDP calculation, advanced by a solid 0.5%.
• CPI for June came in at a monthly 0.3% while the core value that excludes volatile food and energy prices, advanced by a tame 0.2%.
• The CPI reading shows the effects of tariffs have remained subdued and have just begun to show up in goods prices, however inflation is not falling towards the Fed’s 2% target, validating their patient approach to resume cutting interest rates.
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