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From the Desk - Economic Commentary

Brandon Casey, Member Strategy - 3/31/2023

U.S. stocks opened higher on the last trading day of the first quarter. It has been a volatile first three months of the year with both the banking crisis and inflation data contributing to the turmoil seen during the quarter. However, stocks do appear set to end the quarter on a positive note.

Looking at economic data today, the PCE Price Index rose 0.3% in February and prices were up 5.0% over the past year, down from 5.3% the previous month. The closely watched Core Index was also up 0.3% for the month, matching expectations. Over the past year, core prices were up 4.6%, down from 4.7% last month.

Consumer spending was up 0.2% for the month, matching expectations. The January reading was revised even higher to 2.0% growth, the highest reading since March 2021. Personal incomes were up 0.3% for the month, matching expectations.

U.S. Treasury yields are flatter this morning, with the 2-year Treasury yield up 1.5 basis points to 4.11%, the 5-year Treasury yield down 0.4 basis points to 3.66%, and the 10-year Treasury yield down 1.9 basis points to 3.53%. Short-term advance rates are higher today, while longer term rates are lower.

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