Source: US Dept. of Treasury End of Day
• Interest rates were little changed last week with the 2-year Treasury note falling by three basis points to 3.57% while the 5-year note fell two basis points to 3.69%.
• The Supreme Court is reviewing the legality of Trump-era tariffs; if overturned, ~$90B could be refunded to companies, reshaping inflation dynamics and creating new uncertainty.
• Despite weak consumer sentiment (lowest in 3+ years, worsened by the government shutdown), household spending - especially wealthier consumers - remains resilient, though vulnerable to market downturns.
• Hiring has slowed sharply, layoffs are rising in white-collar sectors, and while unemployment claims remain low, questions linger about how long high-income earners can sustain economic momentum.
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