Bond Market Update

Data Recon

• The Treasury Department reported a $215.0 billion surplus for April (Briefing.com consensus: $202.5 bln), which was $43 billion less than the surplus reported for April 2025. Receipts totaled $837.3 billion, while outlays reached $622.3 billion.
  • The key takeaway from the report is the recognition that a healthy level of tax receipts helped fuel a narrowing in the fiscal year-to-date deficit versus the year-ago period. Moreover, the deficit for the 12-month period ending in April is down 16% from the same period a year ago.
• Yield Check:
  • 2-yr: +4 bps to 3.99%
  • 3-yr: +6 bps to 4.03%
  • 5-yr: +5 bps to 4.12%
  • 10-yr: +5 bps to 4.46%
  • 30-yr: +4 bps to 5.03%