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Rates Unchanged For Week As Curve Remains Inverted

Rates ended the week largely unchanged, providing a bit of stability following last week's significant declines.  Yields were headed lower early in the week on concerns about Brexit and global growth; however, they reversed course on Thursday and Friday amid "new progress" in US-China trade talks and gains in equity markets.  The week's US economic indicators were mixed,  this week, as Tuesday's housing starts and building permits both declined more than expected.  However, this housing market weakness was countered by Friday's new home sales report, which exceeded expectations. 

Also on Friday, January's personal income and spending data was released.  While incomes rose 0.2% and spending rose 0.1%, both were below expectations of 0.3% advances.  Finally, Former Fed Chair Yellen joined the chorus of Fed policymakers in stating that the economy would not slip into a recession in 2019.  This followed similar comments from NY Fed President Williams on Thursday.

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