Bond Market Update

Data Recon

• The final reading for the University of Michigan Consumer Sentiment Index for April edged up to 49.8 (Briefing.com consensus: 47.6) from the preliminary (and record low) reading of 47.6. The final reading for March was 53.3. In the same period a year ago, the index stood at 52.2.
  • The key takeaway from the report is that there was some slight improvement from the preliminary report as gas prices eased a bit following the ceasefire, yet gas prices are still much higher than where they were before the war began, which is contributing to the stark reality that consumer sentiment is near the trough seen in June 2022.
• Yield Check:
  • 2-yr: -4 bps to 3.79%
  • 3-yr: -3 bps to 3.81%
  • 5-yr: -3 bps to 3.92%
  • 10-yr: -2 bps to 4.31%
  • 30-yr: -1 bp to 4.91%