Source: US Dept. of Treasury End of Day
• Rates were little changed last week with the 2-year Treasury note yield rising by one basis point to 3.90% while the 5-year note remained at 4.02%.
• Labor markets continue to outperform expectations despite mounting headwinds, including higher gas prices, AI-driven displacement, and affordability pressures, keeping recession risks at bay for now.
• April payrolls rose 115k, roughly double consensus, following a 185k gain in March, marking the strongest two month hiring stretch since late 2024.
• Hiring remains broad-based, with 53% of industries adding workers for a fourth straight month above the 50% expansion threshold.
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