Bond Market Update

Boosted by Weak Stocks

• U.S. Treasuries trade on their highs after rising from their starting levels alongside a sloppy open in equities. The trading day started with slight gains in longer tenors, but the entire complex charged higher as equities started the Wall Street session in weak fashion despite last night's release of strong results and guidance from NVIDIA (NVDA). The early strength is putting yields on 10s and 30s on track for their lowest settlements of the year while the 2-yr yield remains four basis points above its lowest settlement of 2026.
• Yield Check:
  • 2-yr: -2 bps to 3.45%
  • 3-yr: -3 bps to 3.46%
  • 5-yr: -3 bps to 3.59%
  • 10-yr: -3 bps to 4.02%
  • 30-yr: -2 bps to 4.67%