Bond Market Update

FOMC Ahead

• U.S. Treasuries continue holding modest losses with just under 90 minutes remaining until the release of the FOMC Statement. The market is all but certain that a 25 basis point rate cut will be announced and there is a fair bit of hope that the central bank will also announced the end of quantitative tightening. Treasuries have shown very little movement today, continuing this week's subdued trend. Equities, meanwhile, trade on their highs with the S&P 500 (+0.2%) extending this week's gain to 1.7%.
• Yield Check:
  • 2-yr: +1 bp to 3.50%
  • 3-yr: +1 bp to 3.51%
  • 5-yr: +1 bp to 3.62%
  • 10-yr: +1 bp to 4.00%
  • 30-yr: +2 bp to 4.57%