Weekly Economic Update: April 20th, 2020
• Bond yields decreased slightly last week with the two-year Treasury note falling by 2 basis points to 0.20% while the five-year note fell by 6 basis points to yield 0.36%.
• Retail sales and industrial production contracted over the month by 8.7% and 5.4% respectively, both of which register as the steepest monthly decline in more than 70 years.
• With the job market and consumer confidence ailing, the economy is forecasted to contract by levels not seen since the 1930’s
• With the lack of broad-based testing, therapeutic treatments, and a vaccine—reopening the economy is poised to be gradual process likely resulting in a slower, “U-shaped” recovery.