Bond Market Update

Opening Gains Reversed

• U.S. Treasuries trade on their lows after a slow retreat from their opening highs. Treasuries marked their best levels of the morning at the open, followed by a steady retreat that has pressured the entire complex into negative territory. The losses have been limited so far, but they are putting 5s and longer tenors on track for their first down day of the week. Equities started the day in positive territory before heading lower with the S&P 500 down 0.4% while the Nasdaq (-0.7%) shows a wider loss.
• Yield Check:
  • 2-yr: UNCH at 3.46%
  • 3-yr: +1 bp to 3.47%
  • 5-yr: +1 bp to 3.57%
  • 10-yr: +1 bp to 3.97%
  • 30-yr: +1 bp to 4.55%