Bond Market Update

Drifting to the Close

• Recent action saw the 5-yr note and shorter tenors inch to fresh highs while longer tenors are back near their morning highs after a brief dip to fresh lows about 90 minutes ago. Overall, intraday trade has been subdued, which is not a shock given the looming three-day weekend. In Washington, a federal judge heard Fed Governor Cook's objection to being fired by President Trump, but the judge has not made a decision yet. Regardless of the outcome, the case is expected to eventually be elevated to the Supreme Court.
• Yield Check:
  • 2-yr: -2 bps to 3.62%
  • 3-yr: -1 bp to 3.58%
  • 5-yr: UNCH at 3.70%
  • 10-yr: +2 bps to 4.23%
  • 30-yr: +4 bps to 4.91%