Bond Market Update

Looking to Bounce

• U.S. Treasuries remain in the red, though the first 90 minutes of trade have seen some bounce action, which has been a recurring theme in recent sessions when the market started the day in negative territory. Treasuries added to their initial losses during the first hour of trade, but climbed above their opening levels after it was reported that Ukraine launched British-provided missiles into Russian territory not long after using U.S. munitions to do the same. Once again, the news did not spark an aggressive rush for safety, but it has exerted some pressure on risk sentiment. The S&P 500 (-0.7%) is returning to little changed for the week while the Nasdaq (-1.0%) has trimmed this week's gain to 0.6%.
• Yield Check:
  • 2-yr: +2 bps to 4.29%
  • 3-yr: +2 bps to 4.25%
  • 5-yr: +2 bps to 4.27%
  • 10-yr: +3 bps to 4.40%
  • 30-yr: +3 bps to 4.59%