Source: US Dept. of Treasury End of Day
• Yields fell sharply during the week with the two-year Treasury note falling by 18 basis points to 4.72% while the five-year note decreased by 22 basis points to 4.25%.
• Inflation decelerated in May as headline CPI was flat versus an expected 0.1% while core prices advanced by a slim 0.2%, the slowest monthly reading in nearly three years.
• The Fed is now only forecasting one rate cut in 2024, and while Fed Chair Powell acknowledged the benign CPI report in his post meeting press conference, he emphasized that the FOMC needs more than one month of data to provide confidence that the disinflationary trends is resuming.
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