Axios reports, from University of Michigan data analyzed by Bank of America: “The share of consumers who say they expect unemployment to rise over the next year surged to 66% in March — by far the highest level going back a decade.”
Figure 1: Share of Consumers who say they Expect more Unemployment in the Next 12 Months, April 2014 – March 2025
Source: Axios, University of Michigan
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Treasury auctions $16B in new issue 20Y Bond (CUSIP: 912810UJ5) at 1300ET Wednesday, in the week's only nominal coupon supply ($9B 30Y TIPS sells Thursday). It will test market appetite for duration following last week's modest tails at long-end auctions, for the 10Y and 30Y refundings.
High yield | When-issued yield | Trade through (tail) | High - Median Spread | Bid-to-cover | Primary Dealer Percent | Indirect Percent | Direct Percent | Offering Amount | |
5 auction avg | 4.579% | 4.564% | -1.5 | 6.3 | 2.54 | 16.80% | 66.78% | 16.41% | 13.6 |
22-Jan-25 | 4.900% | 4.910% | 1.0 | 4.0 | 2.75 | 10.40% | 69.52% | 20.08% | 13 |
17-Dec-24 | 4.686% | 4.671% | -1.5 | 6.4 | 2.50 | 17.90% | 61.96% | 20.14% | 13 |
20-Nov-24 | 4.680% | 4.649% | -3.1 | 8.0 | 2.34 | 22.61% | 69.47% | 7.92% | 16 |
23-Oct-24 | 4.590% | 4.574% | -1.6 | 6.0 | 2.59 | 14.48% | 67.87% | 17.64% | 13 |
17-Sep-24 | 4.039% | 4.018% | -2.1 | 6.9 | 2.51 | 18.62% | 65.09% | 16.28% | 13 |
The New York Times reports that US Treasury Secretary Scott Bessent is expected to skip a G20 summit of finance ministers and central bankers in South Africa, next week. Should Bessent decline to attend the conference, it would forgo a key opportunity for Trump's Treasury team to meet with counterparts from China, Russia, India, and Brazil. Skipping the meeting appears to signal that the Trump administration sees little value in the kind of multilateralism championed by the G20.