All seemed quiet on the bond front today, even though the
Consumer Confidence Index
fell amid concerns of drooping corporate profits and the preponderance of pink slips.
Indeed, one would expect the bond market -- a good gauge of investor sentiment -- to respond to the drop in consumer confidence, which matches February's level of 109.2, the lowest level since 1996. But trading today discounted the figures, analysts said, as they did not reflect the
surprise interest-rate cut on April 18, which gave stocks an impressive boost. As such, the
consumer confidence index for April could have been higher had the survey period been later.
"It has been relatively quiet trading; the market got off to a positive start initially and for a while it looked as though it was going to be an equity-driven trade," said Ellen Michelson, a vice president at
, "but everything settled a bit into a range not far off from
the opening today."
On the short end of the market, the two-year note lately was off 1/32 to 100 5/32, pushing the yield up to 4.159%. Yields move inversely to bond prices. The 10-year benchmark note was down 6/32 to 98 13/32, yielding 5.207. On the long end, the 30-year Treasury bond lost 3/32 to 94 26/32, lifting the yield to 5.739%.
Like the stock market, which recently erased some gains made earlier in the session, the bond market seems wont for direction, Michelson said. "The market is looking for leadership. ... Everything is meandering as a whole."