Early Bonds U.S. Treasuries slightly lower
March PPI fell 0.5% m/m (consensus +0.1%) following upwardly revised 0.0% (from -0.1%) The key takeaway is that producers are seeing some welcome disinflation, aided by declines in energy prices; however, the stickiness of core CPI in March has offset some of the excitement about the improvement in the PPI data in March.
#Yields
2-yr: -5 bps to 3.92%
3-yr: -6 bps to 3.64%
5-yr: -6 bps to 3.42%
10-yr: -4 bps to 3.38%
30-yr: -3 bps to 3.62%