Source: US Dept. of Treasury End of Day
• Interest rates rose over the week with the 2-year Treasury note yield rising by four basis points to 3.56% while the 5-year Treasury note increased by five basis points to 3.64%.
• The Consumer Price Index rose by a brisk 0.4% in August and 2.9% over the trailing twelve months with outsized contributions coming from groceries, apparel and autos.
• Core CPI accelerated by an expected 0.3% in August and 3.1% over the past year as goods prices have been steadily climbing since April, pushing the annualized three-month rate to an uncomfortable 3.6%.
• The Fed meets on Tuesday and Wednesday this week where it is widely expected that they will deliver the first rate cut of the year leading market participants to focus on a fresh set of official economic projections and comments from Chairman Powell.
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