Source: US Dept. of Treasury End of Day
• Rates were lower last week with both the 2-year and 5-year Treasury notes yield falling by 12 basis points to 4.01% and 4.14%, respectively.
• U.S. equities continue to reach new highs, with investors looking past geopolitical risks, energy-driven inflation, and potential Fed rate hikes.
• Consumer demand is softening, with April spending up just 0.1 percent and the savings rate down to 2.6 percent amid weaker income growth.
• Inflation remains the key risk, with PCE at 3.8 percent year-over-year and markets shifting toward a higher likelihood of Fed tightening.
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