$70B UST 5-Year Note Auction, 1pm ET Last 6 Averages: Bid-to-Cover 2.40 Indirect Bidders 69.3% (Feb 2.42 & 68.6%) Recent Bidder Activity: https://t.co/acscpXb5Zo
Fed’s Kashkari Hosts Fed Listens, Live Link 14:00 GMT https://t.co/JFeuWGpHd3
Fed's Kashkari Hosts Fed Listens Event - WATCH LIVE https://t.co/F5fNjTQTRr
Recent economic data from the UK shows that the Retail Price Index (RPI) rose by 0.6% month-over-month in March 2025, slightly below the forecasted 0.7% but a significant improvement from the -0.1% recorded in the previous month. The Consumer Price Index (CPI) also increased by 0.4% month-over-month, which was below the expected 0.5% but an improvement from the -0.1% of the prior month. The core CPI, which excludes volatile items, rose by 0.4% month-over-month, reversing a -0.4% decline from the previous month. In the US, the 6-month Treasury bill auction saw a bid-to-cover ratio of 3.27, up from the previous 3.010, while the 3-month bill auction had a bid-to-cover ratio of 2.96, slightly higher than the previous 2.890. The US also conducted a 2-year note auction with a bid-to-cover ratio of 2.66 and a high yield of 3.984%. The 3-month bill auction sold $77 billion with a high rate of 4.190%, and the 6-month bill auction sold $69 billion at a high rate of 4.085%. The 30-year fixed mortgage rate was reported at 6.80%, up from 6.77% the previous day, with the 10-year Treasury yield at 4.31% and a spread of 249 basis points. Germany's Ifo Business Climate Index for March 2025 remained steady at 86.7, matching market expectations. The Ifo Current Conditions index slightly exceeded forecasts at 85.7, up from 85.0, while the Ifo Expectations index reached 87.7, surpassing the expected 87.3 and up from 85.4 in the previous month. The German 15-year Bund yield was reported at 3.08%, up from 2.6%, with a bid-to-cover ratio of 2.2. In Spain, the final GDP figures for the fourth quarter showed a year-on-year growth of 3.4%, slightly below the forecasted 3.5% and the previous 3.5%. The quarter-on-quarter growth remained stable at 0.8%, in line with both forecasts and the previous quarter's performance. The Netherlands reported a final GDP growth of 1.9% year-on-year for the fourth quarter, slightly above the estimated 1.8%, and a quarter-on-quarter growth of 0.4%, matching the estimate. In the US mortgage market, applications fell by 2% for the week ending March 21, 2025, a significant improvement from the -6.2% drop the previous week. The 30-year mortgage rate was reported at 6.71%, slightly down from 6.72% the week before. The MBA Purchase Index rose to 155.8 from 154.7, while the Mortgage Market Index fell to 247.5 from 252.5, and the Refinance Index dropped to 752.4 from 794.4. Japan's final January coincident index was reported at 116.1, while the leading index stood at 108.3. The leading indicator change was revised to 0.4, up from the previous 0.1. Japanese chain store sales year-on-year were flat at 0%, down from a 1% increase the previous month. Sweden's trade balance for February 2025 was reported at SEK 14.4 billion, down from SEK 15.1 billion the previous month. The country's economic tendency survey for March showed a decline to 95.2 from 97.1, with consumer confidence dropping to 89.8 from 95.0 and manufacturing confidence rising to 96.4 from 95.6. In France, consumer confidence in March 2025 dipped slightly to 92, down from 93 in February, and below the forecasted 94. This marks a continued trend of consumer sentiment remaining below the long-term average.
