Market Updates

Weekly Economic Update: February 13, 2023

• Yields finished the week higher with the two-year Treasury note rising by 22 basis points to 4.51% while the five-year note increased by 27 basis points to 3.93%

• Though Federal Reserve Chairman Powell delivered balanced commentary on the economy and monetary policy during his interview at the Economic Club of Washington last week, other Fed officials held their hawkish stances in front of the media sending the message that ongoing rate increases are still needed

• The surprising resilience in the labor market continues to undermine the Fed’s efforts to stabilize price levels, however, real estate, tech and financial firms are announcing layoffs in droves arguably setting the stage for the labor market to loosen in the months ahead

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