Treasury yields are a few basis points higher following a very quiet overnight session, continuing a recent trend of reduced rate volatility. It feels a bit like we’re in the eye of the hurricane, transitioning from the bank turmoil to the looming debt ceiling standoff. The latter should come more into focus in the coming days/weeks. The flow of April tax receipts will allow street analysts and Treasury officials to refine their x-date estimates (when Treasury runs out of money). Also, Congress returns from Easter recess, and the debt ceiling is likely to shift to the forefront when it comes to legislative focus. This week’s economic data calendar is relatively light, but there will be several Fed leaders speaking, beginning tomorrow with Governor Michelle Bowman.
Jason Haley
Chief Investment Officer
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