Treasuries Finish Lackluster Session Modestly Higher

Treasuries showed a lack of direction over the course of the trading session on Friday before ending the day modestly higher.

Bond prices fluctuated as the day progressed but managed to close in positive territory. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by 1.1 basis points to 2.906 percent.

With the modest decrease on the day, the ten-year yield gave back ground after ending the previous session at its highest closing level since December 2018.

The lackluster performance by treasuries came amid ongoing concerns about the Federal Reserve aggressively tightening monetary policy.

In comments on Thursday, Fed Chair Jerome Powell said he saw merit in “front-end loading” policy moves and indicated a 50 basis point rate hike would be on the table at the central bank’s next meeting in early May.

CME Group’s FedWatch Tool currently indicates a 50 basis point rate hike at the May meeting is a near certainty.

Treasuries did not extend their recent downward trend, however, with a sell-off on Wall Street potentially increasing the safe haven appeal of bonds.

Reports on durable goods orders, new home sales, first quarter GDP and personal income and spending may attract attention next week as traders prepare for the next Fed meeting in early May.

Bond traders are also likely to keep an eye on the results of the Treasury Department’s auctions of two-year, five-year and seven-year notes.

The Pavlova Begs for Improvisation

It’s easy to riff on this meringue-based showstopper: Top with whatever fruit you like, or dive into nostalgia with this cookies-and-cream version.

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By Eric Kim

For Panah Panahi, Being the Son of an Iranian Auteur Wasn’t Entirely Helpful

He was long paralyzed by the prospect of being compared with Jafar Panahi. But it was his sister who spurred the young director to make his acclaimed new film.

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By Carlos Aguilar

Wildfire near Florissant forces evacuation of Colorado Mountain Estates.

A wildfire in Teller County on Friday afternoon has forced the evacuation of a nearby subdivision.

Colorado Mountain Estates, near Florissant, is under mandatory evacuation because of a fire in the Bullion Circle area, according to the Teller County Sheriff’s Office.

This story is a developing story that will be updated. 

Stretch of Interstate 70 over Vail Pass is shut down in both directions.

A stretch of Interstate 70 is closed in both directions near Vail because of wintry weather and safety concerns.

The westbound lanes are closed between Copper Mountain and Vail Pass summit, according to the Colorado Department of Transportation.

The eastbound lanes are closed in Vail at exit 176, CDOT said.

There is currently no scheduled time for reopening.

‘We Own This City’ Review: Baltimore Police Problems, Rewired

David Simon returns to a familiar beat for HBO, updating if not improving on an old critique.

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By James Poniewozik

‘The Bad Guys’ and the Crossroads Its Author Faced

Unable to support his family with his children’s books, Aaron Blabey was ready to give up. Then he came up with the concept that’s now a best seller and an animated movie.

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By Cat Woods

PHOTOS: Denver Nuggets vs. Golden State Warriors game 4 NBA playoff series – The Denver Post

The Denver Nuggets defeated the Golden State Warriors 126-121 in game 4 of their best-of-seven first-round NBA playoff series at Ball Arena in Denver on Sunday, April 24, 2022.

Bank Of America Q1 Profit Beats Estimates; Revenue Up 2%

Bank of America (BAC) reported that its first quarter pretax income declined 14% year-on-year to $7.9 billion reflecting a smaller reserve release than the first quarter of prior year. Net interest income was up $1.4 billion, or 13%, to $11.6 billion, driven by strong deposit growth and investment of excess liquidity, loan growth and benefits from higher long-end interest rates. Noninterest income declined $968 million, or 8%, to $11.7 billion, primarily driven by lower investment banking revenue.

First quarter net income applicable to shareholders declined to $6.60 billion from $7.56 billion, prior year. Earnings per share was $0.80 compared to $0.86. On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $0.74, for the quarter. Analysts’ estimates typically exclude special items.

First quarter revenue, net of interest expense, increased 2% to $23.2 billion. Analysts on average had estimated $23.11 billion in revenue.

Average deposits were up year-over-year $240 billion, or 13%, to $2.0 trillion. Average loan and lease balances were up $70 billion, or 8%, to $978 billion. Excluding Paycheck Protection Program, loans grew $89 billion.

“Going forward, and with the forward curve expectation of rising interest rates, we anticipate realizing more of the benefit of our deposit franchise,” said CFO Alastair Borthwick.