Source: US Dept. of Treasury End of Day
• Rates were mixed during the week with the 2-year Treasury note yield falling by one basis points to 4.00% while the 5-year Treasury note yield rose by six basis points to 4.09%.
• The labor market added 151 thousand workers to payrolls in February compared to an expected 160 thousand while the unemployment rate ticked up from 4.0% to 4.1%.
• Average hourly earnings advanced by a healthy 4.0% over the trailing 12 months while weekly hours worked held steady at 34.1.
• While job growth has decelerated it remains healthy, however, the Fed will continue to pay close attention to the labor market looking for any signs of deterioration particularly with ongoing reductions to the federal workforce along with growing expectations of slowing economic growth.
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