The start of the second quarter has been quiet in the fixed income market, with the yield curve unchanged and a dearth of new issuance.
The March inflation measures, which was expected to be elevated, didn’t disappoint. The Producer Price Index, released Friday morning April 9th after a computer glitch at the BLS held up the report for 25 minutes, registered 4.2% YOY. Well above last month’s 2.8% reading. Traders chose to ignore the surprise though, and the bond was little changed on the day.