Bond Market Update

Data Recon

• The final University of Michigan Index of Consumer Sentiment for April rose to 52.2 (Briefing.com consensus 48.5) from the preliminary reading of 50.8. The final reading for March was 57.0. In the same period a year ago, the index stood at 77.2.
  • The key takeaway from the report is that even with the small uptick relative to the preliminary April reading, consumer sentiment remains at levels last seen as the world emerged from the coronavirus pandemic. There was a slight moderation in year-ahead inflation expectations, but those expectations still increased nearly two percentage points from the final March reading.
• Yield Check:
  • 2-yr: +1 bp to 3.80%
  • 3-yr: UNCH at 3.79%
  • 5-yr: -1 bp to 3.92%
  • 10-yr: -2 bps to 4.29%
  • 30-yr: -3 bps to 4.73%