Source: US Dept. of Treasury End of Day
• Bond yields were stable last week with the two-year Treasury note unchanged at 22 basis points while the five-year note increased just three basis points to yield 0.42%.
• With more than 16.8 million Americans losing their jobs over the last month it is widely anticipated that consumer spending, which accounts for nearly 70% of GDP, will plummet and contribute to a major contraction of GDP in Q2.
• Many programs established to help businesses and households stay solvent have been off to a rocky start as final kinks are ironed out, but the funds will reach their intended recipients eventually, helping build the foundation for the recovery to come.
