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Treasury Rates: March 31st, 2022. The Battle of the Bulge Begins

For the 7 day period ending 3.31.22, 10 Year Treasury rates decreased by 2bp. In the prior week, mortgage rates increased by 25bp. This caused the net spread to increase 27bp to 87bp ABOVE the normal spread of 168bp. Bond investors are trying to get ahead of the Fed’s future moves. Rates ROCKET up and feather down.

Daily changes in the US 10 Year Treasury rates are the blue bars while the red line is the cumulative change in rates since 3/11/22. Cumulative changes over the past 14 trading periods resulted in a 32bp increase. For the blue bars, it is unusual to have changes of greater than 0.10 in a single day and 0.20 is VERY unusual.

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