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Treasury yields climbed this week, with the 10-year Treasury yield rising roughly 12 basis points from last Friday to 1.45% (up 54 basis points year-to-date), and the 5-year Treasury yield rising 19 basis points week-over-week to 0.77% (up 41 basis points year-to-date), at the time of this report. Meanwhile, the short end of the Treasury […]

Following a somewhat sluggish holiday shopping season, retail sales picked up in January assisted by another round of federal relief checks. On a year-over-year basis, retail sales were up 7.4% in January versus up 2.5% in December. On a month-over-month basis, retail sales jumped 5.3% in January, following a 1.0% decline in December and a […]

During a virtual presentation for the Economic Club of New York this week, Fed Chair Powell cautioned that the labor market remains a long way from a full recovery. He noted that the reported unemployment rate is dramatically understating the weakness, due in part to a significant decline in labor force participation. He said the […]