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.