Key Takeaways

• Yesterday, Treasury yields declined as investors got nervous about growth, with the 10-year yield temporarily dipping below 4.30%. 

• Consumer confidence fell in February, creating the catalyst for a decline in yields. 

• Recent signs of a downshift in growth led markets to price in two cuts by the Federal Reserve (Fed) in the latter half of this year. 

• On the plus side, improving loan demand suggests more capital expenditures. 

A Mixed Bag 

The Conference Board’s Consumer Confidence Index is composed of two main components: the Curren

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