Treasury Market Summary:

Treasury Market Summary: risk appetite improved to start the last week of March trading as there was no news over the weekend of any further troubles in the banking sector. Indeed, there was some good news with First Citizens Bank announcing its purchase of SVB which boosted financials, and especially banking shares. Also supporting were reports regulators were mulling extending the terms on First Republic. Wall Street rallied with gains of 0.60% on the Dow and 0.16% on the S&P 500, but off of earlier highs, while big tech gave back some of its recent surge and left the NASDAQ -0.47% lower. Treasury yields jumped with the front end pacing the way as haven flows and risk aversion unwound somewhat. A very poor 2-year auction added to the selloff. The just auctioned 2-year yield closed 26 bps higher at 3.980%. The wi 5-year was up 20 bps to 3.60%, with the wi 7-year 18 bps cheaper at 3.57%. The 10-year was up 16.3 bps to 3.539%. The bear flattening saw the curve invert to -48 bps versus -45 bps in early action. The DXY dollar index slumped to 102.837 from an overnight high of 103.229. The buck legged lower, extending early declines after the poor 2-year sale.