Bond Market Update

Data Recon

• The preliminary University of Michigan Index of Consumer Sentiment for March dropped to 57.9 (Briefing.com consensus 65.6) from the final reading of 64.7 for February, marking the third straight drop in sentiment. In the same period a year ago, the index stood at 79.4.
  • The key takeaway from the report is that the weakening in sentiment cut across groups by age, income, wealth, political affiliations, and geographic regions, with inflation concerns and policy uncertainty jumping out as key factors for the drop in sentiment.
• Yield Check:
  • 2-yr: +4 bps to 3.99%
  • 3-yr: +4 bps to 3.98%
  • 5-yr: +4 bps to 4.07%
  • 10-yr: +3 bps to 4.31%
  • 30-yr: +3 bps to 4.63%