Market Updates

Weekly Economic Update: June 21, 2022

• Yields increased during the week with the two-year Treasury note rising by 12 basis points to 3.19% while the five-year note increased by 8 basis points to 3.35%

• The FOMC raised the Fed funds rate by 75 basis points to an upper bound of 1.75% and lowered their economic growth projections acknowledging that the ongoing tightening campaign to fight inflation will dampen growth

• Retail sales contracted for the first time this year falling -0.3% in May, and by -0.7% when adjusted for the increase in fuel prices

• More rate hikes are expected out of the Fed despite lower growth expectations as markets are currently forecasting another 75 basis point hike at the next FOMC meeting on July 26-27

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