Bond Market Update

Defending Gains

• U.S. Treasuries continue holding modest gains after backpedaling from their initial highs, though recent action has been confined to a sideways range. Treasuries pulled back in mid-morning trade, having spent the better part of the past three hours in a sideways drift that produced fresh intraday lows, but not by much. The subdued action has taken place alongside some resilience in equities, which has lifted the S&P 500 (+0.2%) and Nasdaq (+0.6%) into positive territory while the Dow (-0.3%) remains behind.
• Yield Check:
  • 2-yr: -1 bp to 4.27%
  • 3-yr: -1 bp to 4.24%
  • 5-yr: -2 bps to 4.26%
  • 10-yr: -3 bps to 4.39%
  • 30-yr: -3 bps to 4.58%