Weekly Economic Update: June 29th, 2020
• Bond yields fell slightly over the week with the two-year Treasury note declining by three basis points to 0.17% while the five-year note finished the week two basis points lower at a yield of 0.30%.
• Equities traded lower over the week as new infections surged in multiple states, halting reopenings. Apple voluntarily shuttered storefronts in areas with a high number of new infections and Disneyland decided to postpone its planned, July reopening.
• New home sales and durable goods orders both exceeded expectations and barring a second wave of infections the foundation has been laid for a significant snap back in growth during the third quarter.