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Rates Slightly Higher After Recovering From New Lows

Treasury yields ended the week slightly higher, rebounding from new all-time lows posted on Tuesday.  Yields were supported by a better than expected jobs report on Friday, which indicated that nearly 1.8mm new jobs were added during July.  This gain came despite a reduction in prime-age labor force participation as an increasing number of Americans appear to be giving up on the prospect of landing a job. 

While equity prices were bid up early in the week on hopes of vaccine development and a new federal stimulus plan, further gains were stalled on Friday as the latest reports from Washington D.C. indicate that negotiations on a new coronavirus relief bill were on the brink of collapse with no plans to resume talks on Friday.  The end of the $600 federal unemployment stimulus on July 31 is expected to have a significant impact on the ability of the 16+ million unemployed Americans to stay current on loan and rent payments, barring additional stimulus soon.

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