Source: US Dept. of Treasury End of Day
• Interest rates rose over the week with the 2-year Treasury note yield rising by two basis points to 3.58% while the 5-year Treasury note increased by five basis points to 3.69%.
• Retail sales staged a robust 0.6% advance in August while the prior two months were revised higher as consumption appears to have picked up after a slow start to the year.
• The FOMC lowered the fed funds rate by 25 basis points to a median 4.125% with Chairman Powell classifying the move as a “risk management cut” citing rising risks to their employment mandate.
• Despite Powell noting that inflation remains elevated to their 2% target, the Fed’s Official Economic Projections are calling for two more rate cuts through the end of the year.
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