Bond Market Update

Still Drifting

• Earlier, February pending home sales increased 1.8% (Briefing.com consensus: -0.8%), which was a nice reversal from the 1.0% decline registered for January.
• Treasury yields have continued to drift lower, even with stocks showing some early strength.
• Bloomberg reports that the EU is interested in restarting the process for ratifying its trade deal with the U.S., assuming the U.S. sticks by the terms that were agreed to last summer.
• Yield check:
  • 2-yr: -1 bp to 3.67%
  • 3-yr: -2 bps to 3.67%
  • 5-yr: -2 bps to 3.78%
  • 10-yr: -2 bps to 4.20%
  • 30-yr: -1 bp to 4.85%