Gary Siegel

The University of Michigan's preliminary April consumer sentiment index reading was 72.3, compared to the final March 78.6, the preliminary March 71.8, and the final February 77.6, according to market sources.

The Fed's failure to achieve either part of its dual mandate provides clear evidence of the need for "continuing highly accommodative policy by large-scale asset purchases," Federal Reserve Bank of Boston President Eric Rosengren said Friday.

The producer price index slumped 0.6% in March on a seasonally adjusted basis, while the core rate, which excludes food and energy rose 0.2%, the Labor Department reported Friday.

The Treasury Department Thursday auctioned $13 billion of 29-year 10-month bonds with a 3 1/8% coupon at a 2.998% high yield, a price of 102.487803.

The Treasury Department said it will auction $18 billion five-year inflation-indexed bonds on Thursday, April 18.

The Treasury Department said Thursday it will auction $35 billion 91-day bills and $30 billion 182-day discount bills Monday.

The unwinding of accommodation will determine the long-term inflation impact of QE3, Federal Reserve Bank of Dallas President Richard Fisher said Wednesday.

The Treasury Department auctioned $21 billion of 9-year 10-month notes with a 2% coupon at a 1.795% high yield, a price of 101.839163.

While it is generally acknowledged among FOMC members that QE3 is having a "meaningful effect" on the markets and supporting growth, there seemed to be a divergence of opinion on how long the Fed's asset buys would be needed, according to minutes of the panel's latest meeting.

The Treasury Department Tuesday auctioned $32 billion of three-year notes with a 1/4% coupon at a 0.342% yield, a price of 99.725644.

The Treasury Department Tuesday auctioned $45 billion of four-week bills at a 0.060% high yield, a price of 99.995333.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were lower, as the three-months incurred a 0.065% high rate, down from 0.075% the prior week, and the six-months incurred a 0.095% high rate, off from 0.105% the week before.

The Treasury Department said Monday it will sell $45 billion of four-week discount bills Tuesday.

The Conference Board's Employment Trends Index gained to 111.20 in March from an upwardly revised 111.43 in February, originally reported as 111.14, and is up 3.7% from a year ago, the group announced Monday.

Austerity budgets can stymie the moderate recovery the U.S. is experiencing and while accommodative monetary policy has fueled the recovery, fiscal restraint can tamp it, Federal Reserve Bank of Cleveland president Sandra Pianalto said Monday.

The Chicago Fed Midwest Manufacturing Index climbed 0.8% in February to a seasonally adjusted level of 96.3, as three of the four regional sectors improved, the Federal Reserve Bank of Chicago reported Monday.

U.S. inflationary pressures were slightly lower in March, as the U.S. future inflation gauge dipped to 104.0 from a downwardly revised 105.3 in February, originally reported as 105.6, according to data released Friday morning by the Economic Cycle Research Institute.

Newly issued Treasury securities held in stripped form decreased about $1.351 billion in March to a total of $199.524 billion, the Bureau of the Public Debt reported Thursday.

Low rates play an "important role" in supporting economic recovery, but the current monetary policy stance is "overly accommodative" and the Fed must be patient about achieving long-term goals, Federal Reserve Bank of Kansas City President and Chief Executive Officer Esther L. George said Thursday.

The Treasury Department said it will auction $13 billion 29-year, 10-month bonds on April 11.