Source: US Dept. of Treasury End of Day
• Rates were mixed last week with the 2-year Treasury note yield decreasing by four basis points to 3.53% while the 5-year note increased by three basis points to 3.75%.
• The Federal Reserve lowered its policy rate by 25 bps to 3.50%–3.75%, marking the third consecutive cut since September; dissent was notable but less than feared, with only one vote for a larger cut.
• Inflation remains above target but is gradually easing as the Fed is prioritizing the protection of the labor market over inflation risks, since it can address rising prices more effectively than job losses.
• JOLTs data show hiring at its weakest in over a decade, with layoffs low and quits at pandemic-era lows, while job openings surged to 7.7 million, pointing to a potential rebound in labor demand.
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