Bond Market Update

Treasuries Reverse Again

• U.S. Treasuries have had a volatile start to the Friday session, exchanging early losses for solid gains in response to the weak jobs report for October, but the past hour has seen renewed selling. The recent pressure has returned 10s and 30s into negative territory while the 5-yr note and shorter tenors remain in the green. Equities are off to a firmly higher start, emboldened by the expectation that the FOMC will announce a 25-bps rate cut next week, with the Nasdaq (+1.2%) leading the S&P 500 (+1.0%).
• Yield Check:
  • 2-yr: -2 bps to 4.14%
  • 3-yr: -2 bps to 4.11%
  • 5-yr: -1 bp to 4.15%
  • 10-yr: +2 bps to 4.30%
  • 30-yr: +3 bps to 4.51%