Source: US Dept. of Treasury End of Day
• Rates rose last week with the 2-year Treasury note yield rising by eight basis points to 3.79% while the 5-year note rose by nine basis points to 3.93%.
• Markets remain dominated by uncertainty surrounding the Mideast conflict, with its duration and ultimate economic impact unresolved amid ongoing volatility in global energy markets.
• Kevin Warsh’s likely confirmation as Fed chair ahead of the June 16–17 FOMC meeting clarifies leadership succession but provides little insight into near-term policy direction, given his past inflation vigilance and comments reaffirming full employment.
• Consumer spending has proven resilient despite higher energy costs, supported in part by elevated tax refunds, although this boost appears temporary as refunds fade and job and income growth continue to soften.
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