Market Updates

Weekly Economic Update: August 8, 2022

• Yields increased over the week with the two-year Treasury note rising by 34 basis points to 3.22% while the five-year note increased by 27 basis points to 2.95%

• The economy added 528k jobs in July, more than double expectations while previous months were also revised upward bring the year-to-date average to a robust 471k

• Average hourly earnings advanced by a formidable 0.5% while labor force participation fell, perhaps validating recent hawkish rhetoric from Fed members who have been trying to quell investor anticipation of a policy pivot

• CPI is due out Wednesday where market participants and economists are calling for a softer reading based on recently retreating commodity prices, notably gasoline and energy, however core prices are expected to remain uncomfortably elevated and will likely not provide much reprieve for policy makers

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