Market

Treasury yields ease ahead of retail sales data

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Treasury yields were trading mostly steady on Friday, as investors awaited more economic updates, including retail sales, and the start of earnings season.

What’s happening?
  • The yield on the 2-year Treasury 
    TMUBMUSD02Y,
    3.970%

    fell 2.1 basis points to 3.96%. Yields move in the opposite direction to prices.

  • The yield on the 10-year Treasury 
    TMUBMUSD10Y,
    3.443%

    was 3.43%, down 1.7 basis points

  • The yield on the 30-year Treasury
    TMUBMUSD30Y,
    3.698%

      was nearly flat at 3.69%.

  • The 1-month T-bill rate 
    TMUBMUSD01M,
    3.989%

    rose 17 basis points to 3.863%, after tumbling 27.7 basis points to 3.863% on Thursday, marking its lowest level since late December.

What’s driving markets?

Data ahead for Friday includes March retail sales due at 8:30 a.m. Eastern, alongside import prices for the same month, with March industrial production at 9:15 a.m. Business inventories for February are due at 10 a.m. as well as the University of Michigan consumer sentiment index for April. Federal Reserve Gov. Christopher Waller is due to speak at 8:45 a.m.

Inflation data this week showed some easing pressures, with consumer prices up modestly in March, while wholesale prices saw their biggest drop in nearly three years. And there was a small, but steady increase in Americans applying for unemployment benefits last week.

Expectations for a 25 basis point interest rate hike at the central bank’s May meeting are at 69.2%, versus 30.8% who expect no change, according to the CME’s FedWatch Tool.

Markets will also be watching for the kickoff of earnings season from the banking sector, following a crisis last month that brought about the demise of Silicon Valley Bank and two other lenders. JPMorgan Chase & Co.
JPM,
+0.38%

 Wells Fargo & Co.
WFC,
+1.20%

and Citigroup Inc.
C,
+0.81%

are all due to report.

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Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

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