Source: US Dept. of Treasury End of Day
• Interest rates held steady at the front end of the curve last week with the 2-year Treasury note yield decreasing by 1 basis point to 4.00% while the 5-year Treasury note went unchanged at 4.09%.
• The long end of the curve pushed higher following a sloppy 20-year auction and the passage of the One Big Beautiful Bill Act in the House that is likely to add nearly $4 trillion to the deficit over the next decade.
• The bill now moves to the Senate and will undergo significant modifications before being sent to the White House for the president to sign into law.
• Existing home sales staged their weakest April gain since 2009 as higher interest rates keep a chill on the housing market.
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