• Monthly Macro Monitor: June 2024

    • May’s core inflation measures, which were released in June, showed improvement on a year-over-year basis.
    • The labor market has continued to move into better balance over the past year, despite a stronger-than-anticipated nonfarm payrolls report at the beginning of the month.
    • Benchmark interest rates declined modestly across the curve, and current coupon Agency MBS spreads widened modestly to blended 5/10-year swap and Treasury rates.
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