Bond Market Update

Data Recon

• The Treasury Department reported a $164.1 billion deficit for March (Briefing.com consensus -$160.0 bln), which was a bit wider than the $160.5 billion deficit reported for March 2025. Receipts totaled $385.0 billion, while outlays reached $549.0 billion.
  • The key takeaway from the report is that net interest costs hit nearly $100 billion in March, trailing only Social Security payments as the government's largest outlay.
• Yield Check:
  • 2-yr: +2 bps to 3.80%
  • 3-yr: +1 bp to 3.82%
  • 5-yr: +2 bps to 3.94%
  • 10-yr: +2 bps to 4.32%
  • 30-yr: +2 bps to 4.91%