Long-end U.S. Treasury yields dropped from Friday’s levels–Monday was a holiday–as investors return to the market amid caution, awaiting the Conference Board’s May consumer confidence survey.
Another preliminary survey from University of Michigan released earlier pointed towards further weakening in consumer sentiment in early May,” said Danske Bank Research analysts.
That said, the cut-off date of the Conference Board’s surveys is typically around a week later, “so we will follow [up] if the U.S.-China trade deal managed to improve consumers’ mood,” they said.
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