The U.S. Leading Economic Indicators for March declined by 0.7%, surpassing the consensus forecast of a 0.5% drop, signaling a potential slowdown in economic activity. This follows a previous month's decline of 0.3%. In the Treasury market, the 30-year yield fell significantly by 15 basis points to 4.72% on April 23, marking a notable drop in long-term borrowing costs. This movement was part of a broader rally in dollar-denominated risk assets, with the 10-year yield also decreasing by over 10 basis points, on track for its largest single-day drop since January 2025. Earlier in the week, the 30-year yield had reached a high of 4.91%, the highest closing level in over three months. The U.S. Treasury conducted auctions for various securities. The $69 billion 2-year note auction drew a high yield of 3.795%, lower than the previous auction's 3.984% and the six-auction average of 4.184%. The bid-to-cover ratio was 2.52, down from 2.66 in the prior auction. The $70 billion 5-year note auction resulted in a high yield of 3.995%, slightly below the when-issued yield of 4.005%, with a bid-to-cover ratio of 2.41 and a stop through of 1 basis point. The Federal Reserve placed bids totaling $4.8 billion for the 5-year notes. The 3-month bill auction had a bid-to-cover ratio of 3.01, while the 6-month bill auction's ratio was 2.93. New home sales in the U.S. surged by 7.4% month-over-month in March, reaching an annual rate of 724,000 units, which exceeded the consensus estimate of 684,000. This increase was driven by lower mortgage rates and ongoing sales incentives, particularly in the South and Midwest regions. The median sales price fell to $403,600, down 7.5% from the previous year, and sales were up 6% year-over-year. The Mortgage Bankers Association reported a 30-year mortgage rate of 6.90% and a 12.7% drop in mortgage applications.