1 Mo 5.31   |   2 Mo 5.31   |   3 Mo 5.55   |   4 Mo 5.54   |   6 Mo 5.52   |   1 Yr 5.22   |   2 Yr 4.46   |   3 Yr 4.10   |   5 Yr 3.81   |   7 Yr 3.75   |   10 Yr 3.69   |   20 Yr 4.06   |   30 Years 3.90   |  

Market Updates

Weekly Economic Update: May 8, 2023

• Yields fell over the week with the two-year Treasury note dropping by nine basis points to 3.91% while the five-year note fell by eight basis points to 3.41%.

• The economy added a more than expected 253 thousand workers to payrolls in April as the labor market remains tight, however, the previous two months were revised downward dropping the three-month average from 334 thousand to 222 thousand.

• More workers are coming off the sidelines as the employment population ratio for prime age workers (25-54 years) increased to 80.8% in April, the highest level in more than two decades.

• The Federal reserve raised the Fed funds rate by a widely expected 25 basis points to a range of 5.00%–5.25% while Chairman Powell hinted at a likely pause at the next meeting during his post meeting presser, however he reaffirmed their intention to hold rates higher for longer and even went a step further leaving the door open for more rate hikes should incoming economic data warrant them.

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