Market Updates

• Treasury yields finished the week slightly lower as both the two-year and five-year note decreased by one basis point to 0.17% and 0.37%, respectively.

• The October jobs report showed signs that the labor market is continuing to heal as the unemployment rate fell to 6.9%, however, there is still a long way to go as ten million workers remain sidelined while long term unemployment surged by over one million.

• The Fed’s economic outlook remained unchanged, Chair Powell reiterated that the path of the economy will depend largely on the path of the virus—and while virus cases are surging across the nation, there is optimism as the road to developing an effective vaccine is becoming clearer.