Market Updates

Weekly Economic Update: July 11, 2022

• Yields pushed higher during the week with the two-year Treasury note rising by 28 basis points to 3.12% while the five-year note increased by 24 basis points to 3.13%

• The economy added a robust 372 thousand jobs in June compared to an expected 265 thousand, easing recession fears and signaling continued strength in the labor market

• Average hourly earnings advanced by 0.3% in June and 5.1% over the past year, however hourly earnings have only increased by 4.2% at an annual rate over the quarter providing evidence of easing wage pressures

• With June’s CPI data to be released on Wednesday and consensus calling for a firm 1.1% for the month and 8.8% year over year, markets are pricing the Fed to raise the benchmark interest rate by another 75 basis points at their upcoming meeting slated for July 26-27

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