Bond Market Update

Data Recon

• The Conference Board's Consumer Confidence Index fell to 94.2 in September (Briefing.com consensus 96.0) from an upwardly revised 97.8 (from 97.4) in August. In the same period a year ago, the index stood at 99.2.
  • The key takeaway from the report is that consumers felt much less positive about business conditions, with thoughts about job availability hitting multi-year lows. That consideration will underpin the market's thinking that another rate cut is at least coming at the October FOMC meeting.
• Yield Check:
  • 2-yr: -4 bps to 3.59%
  • 3-yr: -3 bps to 3.60%
  • 5-yr: -3 bps to 3.71%
  • 10-yr: -3 bps to 4.12%
  • 30-yr: -1 bp to 4.69%