Bond Market Update

Data Recon

• The preliminary reading for the University of Michigan Consumer Sentiment Index for June increased to 48.9 (Briefing.com consensus: 46.2) from the final reading of 44.8 for May, which was an historic low. In the same period a year ago, the index stood at 60.7.
  • The key takeaway from the report is that the improved readings revolved around the early-month easing in gasoline prices, which was a relief factor felt by consumers across age, education, and political party. Still, there were reported concerns about higher inflation remaining stubborn.
• Yield Check:
  • 2-yr: +2 bps to 4.09%
  • 3-yr: +2 bps to 4.14%
  • 5-yr: +3 bps to 4.22%
  • 10-yr: +3 bps to 4.49%
  • 30-yr: +3 bps to 4.98%