Market Updates

• Yields traded slightly lower during the week with the two-year Treasury note falling one basis point to 0.20% and the five-year note falling by two basis points to 0.32%.

• Federal stimulus, easing lockdown restrictions and pent up demand led to a spike in retail sales which more than doubled Wall Street expectations surging 17.7% in May.

• Though a recovery is gaining traction, the pandemic continues to be the throttle of the economy and a full, V-shaped recovery is unlikely to unfold barring a near-term development of an effective treatment or vaccine.