Source: US Dept. of Treasury End of Day
• Rates fell slightly last week with the 2-year and 5-year Treasury notes falling by six basis points to 4.10% and 4.22%, respectively.
• Stocks climbed as the U.S. and Iran have reached a ceasefire deal, reopening the Strait of Hormuz, pushing down oil prices.
• CPI rose 0.5% month-over-month, 4.2% year-over-year, mainly because of higher oil and gas prices, while core inflation remains more moderate.
• Real incomes are declining as inflation outpaces wages, raising recession concerns while the Fed is expected to stay on hold.
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