In economic data, the U.S. international trade deficit widened by 5.6% to a record $74.4 billion in March, reflecting the impact of stimulus payments. Though, higher trade gaps can weigh on economic growth, they’re also a reflection of a recovering U.S. economy and free-spending consumers.
In other U.S. data, factory orders for March rose 1.1%, from an 0.5% decrease in February.
What did market participants say?
“All said and done, globally this reopening has been extremely uneven. And we continue to see the Fed looking for crutches to stay on the side of dovishness,” said Gregory Faranello, head of U.S. rates at AmeriVet Securities.
“In general, we view this sideways price action since the aggressive repricing in the first quarter of 2021 as a natural consolidation period following the speed and velocity in which we repriced in February,” said Faranello.
By: Sunny Oh