Bond Market Update

Turning Lower Again

• U.S. Treasuries trade on their lows after a slow retreat from their opening levels, making for a repeat of yesterday's showing. The market spent early action in a sideways range, but slipped out of its opening range in late morning trade. The belly has been at the forefront of today's retreat, putting the 5-yr yield on course to settle at its highest level since late February after the 10-yr yield did the same yesterday. Elsewhere, equities are mixed with the Nasdaq (+0.6%) continuing this week's outperformance while the Dow (-0.2%) lags.
• Yield Check:
  • 2-yr: +3 bps to 4.05%
  • 3-yr: +4 bps to 4.05%
  • 5-yr: +4 bps to 4.16%
  • 10-yr: +3 bps to 4.53%
  • 30-yr: +2 bps to 4.96%