Bond Market Update

Data Recon

• The preliminary University of Michigan Index of Consumer Sentiment for February dropped to 67.8 (Briefing.com consensus 71.3) from the final reading of 71.1 for January. In the same period a year ago, the index stood at 76.9.
  • The key takeaway from the report is that the weakening in sentiment was described as "pervasive" across political, age, and wealth groups, underscoring the worrisome impact of higher inflation expectations.
• Yield Check:
  • 2-yr: +6 bps to 4.27%
  • 3-yr: +7 bps to 4.30%
  • 5-yr: +8 bps to 4.35%
  • 10-yr: +6 bps to 4.50%
  • 30-yr: +5 bps to 4.70%