Bond Market Update

Data Recon

• Existing home sales increased 1.7% month-over-month in February to a seasonally adjusted annual rate of 4.09 million (Briefing.com consensus 3.88 million) from a revised 4.02 million (from 3.91 million) in January. Sales were down 1.4% on a year-over-year basis.
  • The key takeaway from the report is that sales increased despite continued pressure on affordability as median prices grew for the 32nd month in a row.
• Yield Check:
  • 2-yr: -3 bps to 3.56%
  • 3-yr: -3 bps to 3.58%
  • 5-yr: -3 bps to 3.70%
  • 10-yr: -1 bp to 4.12%
  • 30-yr: +1 bp to 4.75%