Source: US Dept. of Treasury End of Day
• Yields rose again during the week with the two-year Treasury note jumping by 12 basis points to 4.23% while the five-year note increased by 34 basis points to 4.40%.
• Third-quarter GDP and September personal income and spending reports, released last week, both revealed strong gains in householding spending, and both confirmed that a good part of that strength reflected consumer willingness to draw down savings to fund purchases.
• Evidence of damage from two hurricanes and the ongoing Boeing strike was provided by the October jobs report. We expect job growth to slow but not enough to undermine GDP growth heading into 2025, which continues to ride considerable momentum.
• A light week of economic data lies ahead but notable releases include the Fed’s beige book, which will display how the Fed is evaluating the current state of the economy, and October’s final UM sentiment reading, that gauges how consumers are feeling on economic conditions and inflation.
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