Market Updates

• Bond yields finished the week slightly lower as the two-year Treasury note dropped by one basis points to 0. 16% while the five-year note fell by three basis points finishing the week at 0.31%.

• The economy is showing signs of life as hotel bookings fill up, restaurants begin to serve customers and other nonessential businesses reopen.

• Consumer spending plunged 13.6% in April—another dismal record, however, it is worth noting that the plunge was largely influenced by government mandated store closures and was not entirely due to the voluntary decisions of consumers.

• Government stimulus will continue to keep households above water, but a recovery will not be able to gain traction until an effective vaccine or treatment is developed and made readily available.