Source: US Dept. of Treasury End of Day
• Interest rates increased last week with the 2-year Treasury note yield rising by 8 basis points to 3.91% while the 5-year Treasury note increased by 10 basis points to 4.02%.
• The US and China agreed to a 90-day trade pact where the US will lower duties on Chinese imports from 145% to 30% and China will lower levies on American imports from 125% to 10%.
• The deal signals a welcome de-escalation and gives both countries time to negotiate a broader agreement on trade policy.
• The FOMC kept the fed funds rate unchanged in a range of 4.25%-4.50% while Chairman Powell noted in the post meeting presser that the economy is performing well despite weak sentiment and high economic uncertainty going forward.
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