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Last week, while many market participants extended the long Memorial holiday weekend, a few economic reports were posted. On Wednesday, the final revisions showed the U.S. economic grew at a 2.2% pace in Q1, down from the initial estimate of 2.3%. On Thursday, personal income rose 0.3% and personal spending rose 0.6% in April, according to Bloomberg. Also on Thursday, the personal consumption expenditures (CPE) index rose 0.2% in April, following a flat reading in March. In the bond markets, yields rose as investors digested a strong jobs report Friday and an equity rally led by technology stocks. For the week, the 10-year UST climbed 15 basis points to yield 2.93%, and the 30-year UST finished 10 basis points higher at 3.08%. Municipal yields were less volatile. The 10-year MMD finished just 3 basis points higher to 2.44% while the long bond finished 7 basis points higher to 2.94%.
Interest Rate Observations
Source: Thomson Reuters, Bloomberg. The table above reflects market conditions as of June 5, 2018.
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