US Weekly: Rally on, Don
Winnie Cisar - Global Head of Strategy, CreditSights
Zachary Griffiths, CFA - Head of IG & Macro Strategy, CreditSights
Charles Johnston, CFA - Head of Energy, CreditSights
Wen Li, CFA - Head of Metals & Mining, CreditSights
Pat Luby - Head of Municipal Strategy, CreditSights
Logan Miller - Head of European Strategy, CreditSights
Brian Perez - Analyst, Credit Strategy, CreditSights
Kathleen Tang - Analyst, CreditSights
25 April 2025
Treasury Markets: Treasury yields drifted lower last week in a bull flattener ahead of this week’s critical barrage of economic data poised to test market assumptions.
The 2Y yield declined -5 bp to 3.75%, the 10Y yield fell -9 bp to 4.24%, and the 20Y segment led with an -11 bp drop to 4.72%. Softer inflation expectations and pre-positioning for heightened volatility supported the move.
However, with a heavy macro calendar ahead including Consumer Confidence and JOLTS on Tuesday, PCE on Wednesday, Jobless Claims and ISM Manufacturing on Thursday, and Nonfarm Payrolls on Friday, markets face elevated risk of sharp rates repricing in either direction depending on whether (and which way) the incoming data surprises.
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