Weekly Economic Update: December 21st, 2020
• Bond yields traded flat during the week as the five-year Treasury note increased by a basis point to 0.38% while the two-year note slipped by a basis point to 0.12%.
• Congress reached an agreement Sunday on a $900 billion relief bill that will provide aid to small businesses as well as extend federal unemployment benefits for 11 weeks to millions of laid-off workers.
• New unemployment claims rose to a three-month high of 885 thousand marking the fourth time claims have increased out of the last five weeks.
• Retails sales dipped 1.1% in November registering as the weakest reading in nearly seven months, the contraction was accompanied by a downward revision of October’s retail sales that adjusted an increase of 0.3% to a decrease of 0.1%.