March 25, 2026

The yield curve for U.S. Treasury bonds widened across the board, with the 10-year bond yielding 4.36%

International

On the fixed-income front, yields on U.S. Treasury bonds rose during yesterday’s trading session. The 1-year bond yield rose from 3.75% to 3.76%, the 3-year bond yield from 3.86% to 3.90%, while the 10-year bond yield rose from 4.34% to 4.36%.

The major U.S. stock indices closed yesterday’s session with widespread declines. The Nasdaq fell 0.8%, followed by the S&P 500 at 0.4% and the Dow Jones at 0.2%. Year-to-date, the indices have accumulated declines of 6.4%, 4.2%, and 4.0%, respectively.

In the United States, preliminary data for the March sectoral Purchasing Managers’ Indexes (PMIs), compiled by S&P Global, were released. The manufacturing PMI came in at 52.4 points, above expectations and February’s reading, while the services PMI stood at 51.1 and the composite PMI at 51.4 points. It is worth noting that a reading above 50 points indicates expansion of activity, while a reading below 50 points indicates contraction.

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