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Bond Market Commentary

Updates on bond market data, news, and activity each day.

March 18, 2024

Over in bond land, Treasury yields are mixed before the opening bell Monday as investors look forward to March’s Federal Open Market Committee (FOMC) meeting, scheduled to begin tomorrow. The yield on the 10-year note is unchanged at 4.31%, while the 30-year bond yield is increasing one basis point (0.01%) to 4.44%. The yield on the two-year note, which is more sensitive to changes in monetary policy, is down two basis points (0.02%) to 4.71%.

Treasury yields were higher on Friday, with February’s industrial production increasing slightly, compared to an expected flatline. The preliminary March reading for the University of Michigan’s Consumer Sentiment Index unexpectedly fell. The yield on the 10-year note was up two basis points (0.02%) to 4.31%, while the 30-year bond yield was unchanged at 4.43%. The yield on the two-year note increased four basis points (0.04%) to 4.73%.

On the data front today, the National Association of Home Builders (NAHB) Housing Market Index is forecasted to post a level of 48 in March, unchanged from February’s reading.

In the auction space, the U.S. Treasury is set to issue $76 billion in 13-week bills and $70 billion in 26-week bills.

Mortgage rates were lower in the latest week. For the week ending March 14, the average 30-year fixed mortgage rate was down 14 basis points (0.14%) to 6.74%, versus 6.60% a year ago. The 15-year fixed mortgage rate decreased six basis points (0.06%) to 6.16%, versus 5.90% a year ago.

Municipal Market Commentary

The Bloomberg 30-day visible supply fell $3.811 billion to $5.853 billion on Friday, below the 12-month average of $9.086 billion.

This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors. Additional information available by request.

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