Source: US Dept. of Treasury End of Day
• Yields fell slightly with the two-year Treasury note falling by one basis point to 0.14% while the five-year note fell three basis points to 0.79%.
• March’s stimulus fueled frenzy was short lived with personal income dropping 13.1% and personal consumption eking out a gain of 0.5% in April as most stimulus has now been either spent or saved.
• Building and industrial commodity prices are beginning to normalize with lumber, copper and steel prices all declining from recent highs.
• Labor shortages are persisting as virus fears, a lack of childcare, and arguably the enhanced unemployment benefits dampen the labor market, about half of all states have now opted out of the federal unemployment assistance program.
