Source: US Dept. of Treasury End of Day
• Yields moved higher during the week with the two-year Treasury note rising by 25 basis points to 2.70% while the five-year note increased by 14 basis points to 2.93%.
• Fed Chair Powell reinforced the committee’s hawkish tone last week while speaking at an IMF panel suggesting policy is on course for back-to-back 50 basis point hikes at the upcoming May and June meetings.
• The recent jump in mortgage rates now over 5% have increased the payment on the median priced home by 20% which is sure to crimp an already slowing sector of the economy adding difficulty for the Fed to accomplish a soft landing while tightening policy.
