Market Updates

• Bond yields declined marginally last week as the two-year Treasury note fell by 3 basis points to 0.22% while the five-year note finished only one basis point lower at a yield of 0.39%.

• The unemployment rate in March spiked from 3.5% to 4.4%, the largest monthly increase in 45 years.

• The last U.S. recession persisted for six quarters. The severity and duration of the upcoming recession is still an open-ended question, but the economic outlook could become increasingly dim if the viral pandemic fails to slow.