Market Updates

• Yields declined late in the week with the two-year Treasury note falling by two basis points to 0.50% while the five-year note fell by five basis points to 1.17%.

• News of an emerging variant with origins traced to South Africa sent equity markets into a dive and yields tumbling on fears that the new variant could squander the ongoing economic recovery.

• Inflation continues to run expectedly hot as core PCE for the trailing year increased by 4.1% in October marking the fastest annual increase since the early 1990’s.