Source: US Dept. of Treasury End of Day
• Rates fell during the week with the 2-year Treasury note yield declining by seven basis points to 3.96% while the 5-year Treasury note fell by nine basis points to 4.01%.
• February’s weak retail sales figures did not display the rebound economists were hoping for with the headline value advancing by a soft 0.2% and was accompanied by downward revisions to the January reading.
• The control group of retail sales, which feeds directly into GDP growth, did stage a formidable rebound, advancing by 1.0% compared to an expected 0.4%, however, the prior month was revised lower from -0.8% to -1.0%.
• The Fed meeting went as expected with the FOMC leaving the fed funds rate unchanged while the first official economic projections of 2025 showed the committee raise inflation forecasts for the remainder of the year from 2.5% to 2.8% while lowering their growth forecast from 2.1% to 1.7%.
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