Market Updates

• Yields pushed higher over the week with the two-year Treasury note rising by 17 basis points to 4.80% while the five-year note increased by 18 basis points to 4.21%

• The upbeat economic data continued as personal consumption beat expectations in January advancing by a robust 1.8% as the consumer continues to draw support from a resilient and sturdy labor market

• Core PCE advanced by a faster than expected 0.6% in January and by 5.4% over the trailing year as inflationary pressures have resurfaced, supported by stickier prices for services as well as the continuation of elevated housing costs

• Federal Reserve members kept up ongoing hawkish rhetoric in front of media outlets and in last week’s FOMC minutes as two, non-voting members called for the consideration of larger, 50 basis point rate hikes to combat inflation