Marketwise Valuation

The fastest turn time of the week was in Sebastian, Florida, at just 1.2 days! ✅

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“WASHINGTON — The Treasury Department’s risk oversight arm on Friday proposed new tools for spotting issues in the U.S. financial system, more than a month after the collapse of Silicon Valley Bank and Signature Bank sparked efforts to prevent further damage to the economy.” -CNBC

“March industrial production was stronger than expected, along with upward revisions to February. Utilities production in March came in higher than expected at 8.4% m/m increasing our personal consumption tracking estimate for 1Q. Mining fell by 0.2% m/m. The components of support activities for mining that feed into our structures estimate were slightly higher than expected, pushing up our structures tracking estimate for 1Q. Business equipment tracking estimate came in lower than expected, thereby lowering our equipment spending tracking estimate for 1Q. Overall, this pushed up our 1Q US GDP tracking estimate from 1.5% q/q saar to 1.6% q/q saar.” -CalculatedRiskBlog

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Interest rates were remarkably calm in the last week of March. The market was in the process of shifting focus from the banking sector back to economic data. It just so happened that last week was light on data. This week was quite the opposite.
The first week of any given month often brings several of the most meaningful monthly economic releases. These include reports from the Institute for Supply Management (ISM) and most notably, the Employment Situation (more commonly referred to as "the jobs report").
Virtually all of the economic data that came out in the first 3 days of the week was good for bonds/rates. In other words, the data was weaker than expected. Bonds benefit from weak data because a slower economy is less capable of sustaining growth and inflation--two of the main pillars of interest rates.
As expected, bonds were eager to get some actionable economic updates and rates wasted no time responding to downbeat news from ISM. There are two flavors of ISM Purchasing Managers Indices (PMIs). Each can be thought of as a broad barometer for growth in the corresponding sector where anything over 50 is good/growing and anything under 50 signals contraction. -MortgageNewsDaily