Bond Market Update

Opening Range Maintained

• U.S. Treasuries continue holding modest losses after a sideways start to the session. The first couple hours of action were uneventful, though like yesterday, the long bond has flashed some relative strength. That strength puts above its starting level while other tenors have barely budged. Equities are off to a higher start with strength in technology (+1.6%) and financials (+1.0%) keeping the S&P 500 (+0.5%) in positive territory despite losses in most other sectors.
• Yield Check:
  • 2-yr: +2 bps to 3.48%
  • 3-yr: +3 bps to 3.49%
  • 5-yr: +2 bps to 3.62%
  • 10-yr: +2 bps to 4.05%
  • 30-yr: +1 bp to 4.70%