Yes A checkmark with a circle around it close
Man standing and smiling in the trading floor at Wells Fargo Advisors

Bond Market Commentary

Updates on bond market data, news, and activity each day.

January 31, 2023

Over in bond land, Treasuries are unchanged ahead of the opening bell Tuesday as investors await the start of the Federal Reserve’s (Fed) meeting today. Market participants are closely watching the Fed for guidance on future interest rate policy and their expectations for the broader economic developments, including inflation and the likelihood of a recession. The yield on the benchmark 10-year note, the 30-year bond yield, and the more policy-sensitive two-year note are unchanged at 3.54%, 3.65% and 4.24%, respectively. On Monday, Treasury yields gained momentum ahead of the Fed’s first 2023 meeting. The yield on the 10-year note increased three basis points (0.03%) to 3.54%, while the 30-year bond yield gained two basis points (0.02%) at 3.65%. The yield on the two-year note climbed four basis points (0.04%) to 4.24%.

On the data front, November’s FHFA House Price Index is forecasted to slightly decline to -0.5% month-over-month compared to October’s 0% reading. Meanwhile, November’s S&P CoreLogic Case-Shiller 20-City is expected to decline 0.7% month-over-month and increase 6.7% annually. Rounding out the docket, Conference Board Consumer Confidence for the month of January is estimated to increase by 0.7 to 109.

Municipal Market Commentary

The Bloomberg 30-day visible supply fell $732 million to $1.285 billion on Monday, below the 12-month average of $9.324 billion.

This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors. Additional information available by request.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.