Bond Market Update

Data Recon

• The final reading for the University of Michigan Consumer Sentiment Index for June increased to 49.5 (Briefing.com consensus: 48.9) from the preliminary reading of 48.9. In the same period a year ago, the index stood at 60.7.
  • The key takeaway from the report is that sentiment was boosted by the moderation in gas prices; however, the higher cost of living in general remains a burden, as sentiment is still 13% below the level it stood at in February prior to the start of the Iran War and almost 20% less than the prior year period.
• Yield Check:
  • 2-yr: -3 bps to 4.09%
  • 3-yr: -3 bps to 4.09%
  • 5-yr: -2 bps to 4.14%
  • 10-yr: -1 bp to 4.39%
  • 30-yr: +2 bps to 4.88%