Bond Market Update

Data Recon

• The preliminary University of Michigan Index of Consumer Sentiment for May slipped to 50.8 (Briefing.com consensus 55.0) from the final reading of 52.2 for April. In the same period a year ago, the index stood at 69.1.
  • The key takeaway from the report is that it continues to reflect some deteriorating views among consumers about their personal finances and some alarming views about their inflation expectations. Note, this survey was conducted between April 22 and May 13, closing two days after the U.S.-China tariff de-escalation news, so it doesn't capture the full consideration of that pleasing news.
• Yield Check:
  • 2-yr: -2 bps to 3.95%
  • 3-yr: -3 bps to 3.93%
  • 5-yr: -4 bps to 4.03%
  • 10-yr: -4 bps to 4.41%
  • 30-yr: -4 bps to 4.88%