Treasury Market Summary:

Treasury Market Summary: angst over the banking sector continued to keep the markets volatile as another wild and crazy week came to an end. Wall Street managed to close with gains, reversing overnight losses after a scare on UBS which was reportedly being investigated by the U.S. DoJ. Bargain hunting and expectations for Fed rate cuts ahead, as reflected by the drop in Treasury yields, helped stabilize equities. The S&P 500 advanced 0.57%, with the Dow up 0.41% and the NASDAQ 0.31% higher (European bourses finished with losses of over -1%, but recovered from better than -2% declines). Treasuries remained well bid but the bounce in risk appetite took some of the haven demand out of the market. Nevertheless, all maturities are again under 4%. The wi 2-year finished down 7 bps to 3.72%, but was over 22 bps lower overnight to hit 3.56%. The 10-year was 6 bps at 3.369% but was as low as 3.304%. This is a third straight week of richening in yields after six consecutive weeks of cheapening. The curve has bull steepened to -39 bps, but was as high as -27 bps earlier, and is in from -105 bps on March 8. The DXY dollar index again found some footing and rebounded to 103.100 from an overnight nadir of 102.503, catching a bid against its G3 peers. Gold lost some of its luster on reduced angst and the firmer buck, falling -0.85% to $1976 after challenging $2000. Oil skidded-1% lower to $69.21.