Bond Market Update

Opening Gains Padded

• U.S. Treasuries trade on their highs after adding to their slim opening gains. The trading day started with slight gains that were extended after today's lone economic report—July Housing Starts (1.428 mln; Briefing.com consensus 1.311 mln) and Building Permits (1.354 mln; Briefing.com consensus 1.390 mln) came in mixed relative to expectations. The early advance has lifted 5s and shorter tenors past their highs from yesterday morning while longer tenors are approaching yesterday's highs. Equities are off to a mixed start with the S&P 500 (+0.1%) holding a slim gain while the Nasdaq (-0.3%) lags.
• Yield Check:
  • 2-yr: -3 bps to 3.74%
  • 3-yr: -4 bps to 3.70%
  • 5-yr: -3 bps to 3.82%
  • 10-yr: -3 bps to 4.31%
  • 30-yr: -3 bps to 4.91%