Bond Market Update

Data Recon

• The preliminary April Univ. of Michigan Index of Consumer Sentiment checked in at 50.8 (Briefing.com consensus 54.8) versus the final reading of 57.0 for March. In the same period a year ago, the index stood at 77.2.
  • The key takeaway from the report is manifold: the decline in consumer sentiment is broad-based; expectations for unemployment to rise are at their highest since 2009; and inflation expectations are surging. This is a terrible mix that will foment concerns about future consumer spending strength.
• Yield Check:
  • 2-yr: +6 bps to 3.91%
  • 3-yr: +10 bps to 3.98%
  • 5-yr: +13 bps to 4.16%
  • 10-yr: +14 bps to 4.53%
  • 30-yr: +8 bps to 4.93%