Bond Market Update

Early Losses Reversed

• U.S. Treasuries hold slim gains after a quiet start to the Tuesday session. Like yesterday, the trading day began with slim losses across the curve and an immediate bounce that has lifted the Treasury complex to fresh highs. Unlike yesterday, today's bounce has been paced by the short end while 10s and 30s remain in the red, though not by much. Equities are off to a mostly higher start with the Nasdaq (+0.4%) outpacing the S&P 500 (+0.3%) slightly while the Dow (-0.2%) is an early laggard.
• Yield Check:
  • 2-yr: -1 bp to 3.66%
  • 3-yr: UNCH at 3.53%
  • 5-yr: UNCH at 3.48%
  • 10-yr: +1 bp to 3.70%
  • 30-yr: +1 bp to 4.01%