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· U.S. government debt yields added to a steep March decline on Wednesday as the yield on the benchmark 10-year Treasury note returned to its lowest level since 2017.



The yield on the 3-month Treasury note, which remains 5 basis points above that of the 10-year, declined as more investors grew confident that the Federal Reserve will be forced to cut interest rates in 2019. Data showing the trade deficit narrowed lifted yields off their lows.



At 5:17 p.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 2.381 percent, while the yield on the 30-year Treasury bond was also lower at 2.821 percent. The yield on the 3-month Treasury bill dropped 3 basis points to 2.434 percent.



The 10-year yield is down about 25 basis points since March 18.



Global yields have retreated in March as a growing number of central banks are willing to hold interest rates low for significantly longer than investors had expected just a year ago. Though growth fears have dogged both China and much of Europe, lukewarm inflation prints in the United States have been enough to justify the Fed's argument for delaying increases to its overnight lending rate.



· The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.967 after seeing highs above 96.8 yesterday.

On the U.S.-China trade front, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are set to resume negotiations with their Chinese counterparts in Beijing on Thursday, in a bid to strike a deal on trade.



The dollar rose on Thursday as many of its peers weakened after more central banks opted to shift to a dovish policy stance in the wake of deteriorating economic prospects.



· Kansas City Fed President Esther George on Wednesday said she’s not worried about the inflation outlook and doesn’t see the need to overhaul the central bank’s policy of aiming for a 2% annual inflation target.



· The pound edged down on Wednesday after an offer by Prime Minister Theresa May to quit to get her European Union divorce deal through parliament failed to win over key opponents of the agreement.

· Northern Ireland’s DUP party, which props up May’s government, said it would not support her Brexit divorce deal.

· The move makes it highly unlikely May will get her deal through parliament at the third attempt.

· After the votes on Wednesday the pound fell to a day’s low of $1.3156, down 0.2 percent.



· British lawmakers have voted on eight different possible Brexit options, but none received the majority support that would clarify the U.K.’s course.

· The strongest support was for a plan to stay in a customs union with the bloc after Brexit, which was defeated by eight votes: 272-264.

· Lawmakers plan to narrow the list of options down and hold more votes on Monday.

· Britain has until April 12 to find a new plan — or crash out of the EU without a deal.



· British Prime Minister Theresa May has announced she will step down as the leader of the United Kingdom if her Brexit deal finally secures a majority in Parliament, allowing a successor to take the lead on future negotiations with the European Union.



· New Zealand's dollar tumbled on Wednesday, on pace for its worst fall in seven weeks against its U.S. counterpart, after its central bank flagged a possible cut in interest rates, becoming the latest to turn dovish in the face of slowing global growth.

· The kiwi was 1.48 percent lower at $0.6803 and the Australian dollar followed suit, falling 0.67 percent.



· With a rapidly declining and aging population, means it needs to accept more foreign workers, Tomomi Inada, a Japanese politician and close confidante of Prime Minister Shinzo Abe told foreign investors.

· “This is going to put a huge burden on the economy,” Inada said of estimates that the country’s working age population will fall an average of 1.1 percent a year over the next 50 years.

· Changes to Japan’s residency law could see 350,000 new foreign laborers in the country over the next five years, she said.



· Oil prices fell on Wednesday after government data showed U.S. crude stockpiles unexpectedly rose last week, though disruptions to Venezuela's crude exports limited losses.

· U.S. West Texas Intermediate crude futures settled 53 cents lower at $59.41 per barrel, posting a nearly 1 percent loss on Wednesday. International benchmark Brent crude fell 14 cents at $67.83.

· U.S. crude inventories rose last week by 2.8 million barrels, compared with analysts' expectations for a decrease of 1.2 million barrels, the U.S. Energy Information Administration said.

Reference: CNBC, Reuters, Market Watch