Source: US Dept. of Treasury End of Day
• Yields contracted sharply during the week with the two-year Treasury note falling by 24 basis points to 2.84% while the five-year note dropped by 30 basis points to 2.89%
• Equities as measured by the S&P 500, tumbled again marking the worst first half in more than 50 years
• Personal consumption in May increased by a soft 0.2%, the smallest increase this year and when adjusted for inflation, contracted by -0.4%
• The economy ended Q2 tepidly and recurring elevated inflation prints continue to force the Fed to walk a tight rope as they navigate bringing down inflation without inducing a deep recession
