Bond Market Update

Supreme Court Rules Against Tariffs

• Recent action saw some impulse selling across the curve after the Supreme Court ruled 6-3 against President Trump's tariff policy. The ruling does not necessarily mean that all tariffs will be reversed since the administration is likely to use other avenues to reimpose tariffs. The recent selling was paced by the long end while the 2-yr note has returned to levels seen before the slip to lows.
• Yield Check:
  • 2-yr: UNCH at 3.47%
  • 3-yr: UNCH at 3.50%
  • 5-yr: +1 bp to 3.66%
  • 10-yr: +2 bps to 4.09%
  • 30-yr: +3 bps to 4.73%