Source: US Dept. of Treasury End of Day
• Interest rates increased slightly over the week with two-year Treasury note yields rising by 1 basis point to 3.61% while five-year note yields increased by 7 basis points to 3.51%.
• The FOMC lowered the fed funds target range by 50 basis points to a range of 4.75% - 5.00% in what was considered an aggressive start to the current easing cycle.
• Retail sales beat expectations in August advancing by 0.1% compared to an expected -0.1% contraction while the control group, which contributes directly to the consumption reading of GDP growth, matched expectations advancing by a solid 0.3%.
• Economic data slated to be released this week include the final estimate of Q2 GDP, the Fed preferred PCE inflation gauge for August, and the final reading of September’s UM sentiment index.
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