Market Updates

Weekly Economic Update: February 21, 2023

• Yields finished the week higher with the two-year Treasury note rising by 12 basis points to 4.63% while the five-year note increased by 10 basis points to 4.03%

• The disinflationary process took a pause in January as headline CPI advanced by a robust 0.5% for the month and 6.4% over the year while core CPI advanced by 0.4% for the month and 5.6% over the year

• The advance in price levels was broad across categories however, shelter costs provided an outsized contribution to both the core and headline reading as rents advanced by a hefty 0.7% for a consecutive month

• Retail sales beat expectations advancing by 3.0% in January as it would appear the consumer entered the year on strong footing, however with seasonal adjustments likely at play, it is not likely to be an indicator of an underlying trend

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