Bond Market Update

Opening Advance Extended

• U.S. Treasuries trade on their highs after adding to their initial gains. Treasuries dipped from their starting levels during the past hour, but quickly found support, rising to fresh highs with longer tenors maintaining their early lead after underperforming last week. The early rally has sent the 10-yr yield back below its 50-day moving average (4.411%) while the recent rise to fresh highs also pushed the benchmark yield below its 200-day moving average (4.360%). Equities are off to a solid start that is lifting the S&P 500 (+0.6%) and Nasdaq (+0.8%) to new record highs.
• Yield Check:
  • 2-yr: -3 bps to 3.85%
  • 3-yr: -4 bps to 3.80%
  • 5-yr: -6 bps to 3.90%
  • 10-yr: -7 bps to 4.36%
  • 30-yr: -8 bps to 4.92%