Market Updates

• Treasury yields exhibited little movement during the week as the two-year Treasury note increased by one basis point to 0.14% while the five-year note rose by three basis points to 0.28%.

• The Federal Reserve reiterated its monetary policy stance stating that interest rates will remain floored through at least 2023 or until the labor market fully recovers and inflation rises above 2% for an extended period.

• As lawmakers are still struggling to agree on and provide additional stimulus, the consumer spending recovery is losing steam as retail sales growth has decreased for four consecutive months from 18.6% in May to 0.6% in August.