Bond Market Update

Early Gains Narrowed

• U.S. Treasuries are back near their starting levels after a steady retreat from session highs that were set in mid-morning action. Treasuries spent the first three hours of action in a steady rise before reversing near their opening levels from Friday. The intraday volatility in Treasuries has not stopped equities from hanging onto their gains with the S&P 500 (+1.2%) narrowing its March loss to 4.3%. The market remains on guard for potential headline developments, but this morning's comments from President Trump boosted hopes for deescalation in Iran.
• Yield Check:
  • 2-yr: -2 bps to 3.87%
  • 3-yr: -2 bps to 3.89%
  • 5-yr: -3 bps to 3.99%
  • 10-yr: -2 bps to 4.37%
  • 30-yr: -2 bps to 4.94%