Source: US Dept. of Treasury End of Day
•Yields remained constant as the two-year Treasury note increased by one basis point to 0.15% while the five-year note decreased by one basis point to 0.78%.
• The May jobs report came in below expectations as the economy added 559k workers to payrolls compared to an expected 675k.
• Labor shortages are providing momentum for wages to build on as hourly earnings increased by a meaningful 0.5% in May bringing the annual increase up to 2.0%.
• With production at near pre pandemic levels and the labor market continuing to recover, investors are turning their attention to the Federal Reserve and are looking for any signs of policy tightening.
