- The US Census Bureau revealed that March's Retail Sales grew by 0.7% growth YoY, which is more than double the anticipated yearly growth rate of 0.3%.
- In reflection of the Fed position, hawkish sentiment continues to dominate as last week officials started to hint at a delay of rate cuts.
- Regarding expectations, the likelihood of a June cut fell to 25%, marking a decline from the previous week's 60%. Concurrently, the probability for a July cut fell below 60%, in stark contrast to its previous full certainty.
- The market now predicts the first cut in September, with only a 75% likelihood of a second cut in December.
- US Treasury bond yields remain high, the 2-year yield stands at 4.94%, the 5-year yield at 4.65%, and the 10-year yield is set at 4.63%.
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