Daily Market Commentary

March 28, 2019

Bonds
Treasuries are little changed after paring Asia-session gains that pushed 10-year yields to YTD lows: $32b 7-year auction at 1pm New York time concludes this week's supply cycle, while rate-lock sales have potential to weigh as Saudi Aramco plans a $10b offering as soon as next week.

Economy
U.S. economic growth cooled by more than initially reported last quarter on revisions to consumer and government spending, signaling mounting challenges to the expansion as it nears a record duration. Gross domestic product grew at a 2.2 percent annualized rate.

Global
President Jair Bolsonaro's administration bets that overhaul of an unsustainable pension system will unlock Brazil's economic potential, but sinking growth projections show the country has deeper-rooted problems.

The information represented herein was obtained from various sources, which we believe to be reliable. Neither the information presented nor opinions expressed constitutes an offer to buy or sell any security. And it is not intended to guide the investor on which securities to buy or sell.

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