Source: US Dept. of Treasury End of Day
• Rates rose last week with the 2-year Treasury note yield rising by ten basis points to 3.89% while the 5-year note rose by nine basis points to 4.02%.
• The April FOMC meeting was unusually divided, with the most dissents since 1992, highlighting growing policy uncertainty as Chair Powell prepares to hand leadership to Kevin Warsh.
• Markets are currently priced for an extended pause, with zero odds of rate cuts this year.
• A 10.4% April rally in the S&P 500, its strongest month in over 35 years, has boosted the wealth effect but pushed the personal savings rate down to a 3.5‑year low.
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