Bond Market Update

Resisting Early Pressure

• U.S. Treasuries trade on their highs after rising off their opening lows, though the early range has been narrow. The trading day started with slim losses in most tenors, but the lower start did not invite additional selling. Instead, Treasuries spent the first hour of action in a sideways range, inching to fresh highs in recent action. The long bond remains slightly lower at this time, but it has also risen from its starting mark. Equities are off to a higher start with the S&P 500 (+0.7%) extending this week's gain to 1.5%.
• Yield Check:
  • 2-yr: UNCH at 3.83%
  • 3-yr: -2 bps to 3.84%
  • 5-yr: -1 bp to 3.99%
  • 10-yr: UNCH at 4.37%
  • 30-yr: +2 bps to 4.81%