Source: US Dept. of Treasury End of Day
• Interest rates increased last week with the 2-year Treasury note yield rising by 9 basis points to 3.83% while the 5-year Treasury note increased by 6 basis points to 3.92%.
• The April jobs report impressed as the labor market added 177 thousand workers to payrolls versus an expected 135 thousand while the unemployment rate went unchanged at a near-historical low of 4.2%.
• Q1 GDP contracted by -0.3% which appears weak on the surface, however the front running of tariffs subtracted 4.8% from the headline number while personal consumption came in at a stronger than expected 1.8%.
• The FOMC meets on Tuesday and Wednesday, and while they are expected to leave the federal funds rate unchanged, investors will closely examine the official statement and Chairman Powell's remarks for insights into the future path of monetary policy.
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