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Bond Market Commentary

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

April 23, 2024

Over in bond land, Treasury yields are mostly unchanged before the opening bell Tuesday ahead of the preliminary release for April’s Purchasing Managers’ Indexes (PMIs) and March’s new home sales data. The yield on the 10-year note is unchanged at 4.61%, while the 30-year bond yield is also unchanged at 4.71%. The yield on the two-year note, which is more sensitive to changes in monetary policy, is up one basis point (0.01%) to 4.98%.

Treasury yields were mostly lower on Monday as investors looked forward to this week’s key economic releases and its possible effect on the Federal Reserve’s (Fed’s) future path of monetary policy. The yield on the 10-year note was down one basis point (0.01%) to 4.61%, while the 30-year bond yield was unchanged at 4.71%. The yield on the two-year note decreased two basis points (0.02%) to 4.97%.

On the data front today, the preliminary reading for April’s S&P Global Manufacturing PMI is expected to register 52.0, up slightly from the prior month’s reading of 51.9. Meanwhile, the preliminary reading for April’s S&P Global Services PMI is expected to register 52.0, up from the prior month’s reading of 51.7, while the preliminary reading for April’s S&P Global Composite PMI is also projected to register 52.0 versus the prior month’s 52.1. March’s new home sales are projected to be an annualized 669,000, up slightly from the prior month’s 662,000, corresponding to an increase of 1.1% month-over-month versus the prior month’s decrease of 0.3%. The Richmond Fed’s Composite Manufacturing Index is projected to record a negative eight for April, up from the prior month’s negative 11.

In the auction space, the U.S. Treasury is set to issue $65 billion in 42-day cash management bills (CMB) and $69 billion in two-year notes.

Municipal Market Commentary

The Bloomberg 30-day visible supply rose $4.445 billion to $14.496 billion on Monday, above the 12-month average of $9.050 billion.

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