Bond Market Update

Data Recon

• The trade deficit narrowed to $73.1 billion in June (Briefing.com consensus $72.8 billion) from an upwardly revised $75.0 billion (from -$75.1 billion) in May with exports exceeding imports by $1.9 billion.
  • The key takeaway from the report, though, is that both exports and imports increased in June, which is a constructive trade dynamic for the global economy.
• Yield Check:
  • 2-yr: +5 bps to 3.93%
  • 3-yr: +6 bps to 3.77%
  • 5-yr: +4 bps to 3.67%
  • 10-yr: +5 bps to 3.83%
  • 30-yr: +4 bps to 4.11%