Bond Market Update

Narrow Range in Early Trade

• U.S. Treasuries remain little changed, making for a continuation of a quiet start to the Friday session. The 10-yr note and the long bond opened with slight losses, but there has been no follow-through selling, which leaves longer tenors right at their opening levels while the 2-yr note outperforms slightly, sitting just below its early high. Like Treasuries, stocks have gotten off to a subdued start with the S&P 500 (+0.2%) padding this week's gain to 1.3%.
• Yield Check:
  • 2-yr: -1 bp to 3.91%
  • 3-yr: UNCH at 3.87%
  • 5-yr: -1 bp to 3.97%
  • 10-yr: UNCH at 4.41%
  • 30-yr: +1 bp to 4.96%