Bond Market Update

Early Pressure Resisted

• U.S. Treasuries trade in the green after resisting some early pressure. Treasuries opened the day near their flat lines and dipped into the red in immediate reaction to today's first batch of data, which included an unexpected decrease in weekly jobless claims (to 213,000 from 219,000; Briefing.com consensus 221,000) and a Philadelphia Fed Survey (-5.5; Briefing.com consensus 7.0; prior 10.3) that showed a return to contraction. However, the post-data selling was reversed quickly, though not without a fight from sellers. Still, Treasuries are now near their best levels of the morning while equities are seeing some early volatility with the S&P 500 (+0.1%) staying ahead of the Nasdaq (-0.4%).
• Yield Check:
  • 2-yr: -1 bp to 4.30%
  • 3-yr: -1 bp to 4.25%
  • 5-yr: -2 bps to 4.25%
  • 10-yr: -2 bps to 4.39%
  • 30-yr: -1 bp to 4.58%