Bond Market Update

Long End Maintains Lead

• U.S. Treasuries have seen some more buying since our last update, though the pace of the advance slowed considerably during the past two hours. Longer tenors have maintained today's lead, helping the 30-yr yield back down from its highest level since late July. The 10-yr yield is now just two basis points above its low from August while yields on shorter tenors are down to levels not seen since at least early May. Equities are defending their slim gains with the S&P 500 up 0.3% even though only three sectors trade higher.
• Yield Check:
  • 2-yr: -5 bps to 3.61%
  • 3-yr: -6 bps to 3.57%
  • 5-yr: -6 bps to 3.68%
  • 10-yr: -7 bps to 4.21%
  • 30-yr: -8 bps to 4.89%