Bond Market Update

Short End Ahead

• U.S. Treasuries have continued their steady showing with today's action confined to a slim range. The market faced some light pressure out of the gate, but spent the morning in a steady rise off lows as tech stocks extended their recent struggles, masking strength in other areas of the stock market. Shorter tenors have been at the forefront of the intraday strength while the 10-yr note is now back at its unchanged level. The long bond has resisted, staying near its morning low.
• Yield Check:
  • 2-yr: -1 bp to 3.56%
  • 3-yr: -2 bps to 3.63%
  • 5-yr: -1 bp to 3.83%
  • 10-yr: UNCH at 4.27%
  • 30-yr: +1 bp to 4.92%