Treasury yields are nearly unchanged this morning as renewed concerns over regional bank health. First Republic Bank’s shares fell 49% yesterday following news that the bank is considering $100 billion of asset sales and would try to entice buyers to pay an above market price by giving warrants or preferred equity.
On the data front, durable goods orders were up 3.2% in March, much higher than the median forecast of 0.7%. The uptick was attributed to Boeing receiving 60 orders in March. Excluding defense and aircraft spending, capital goods orders fell by 0.4% in March. Mortgage applications rose by 3.7% last week while the 30-year contract rate increased by 12 bps to 6.55%.
Hafizan Hamzah
Senior Director, Investment Management Group
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