Market Updates

Weekly Economic Update: February 7, 2023

• Yields finished the week higher with the two-year Treasury note rising by nine basis points to 4.29% while the five-year note increased by five basis points to 3.66%

• The Fed hiked the fed funds rate by an additional 25 basis points to an upper bound of 4.75% as they continue to press the monetary brakes on economic growth in their ongoing effort to stabilize price levels

• The labor market remains resilient adding an unexpected and outsized 517 thousand jobs in January while labor force participation increased to 62.4%

• Average hourly earnings advanced by an expected 0.3% in January as wages appeared to continue to moderate, however it is worth noting that workers labored more hours in January boosting average weekly earnings by a robust 1.3%

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