Bond Market Update

Early Gains Padded

• U.S. Treasuries have added to their early gains with the belly showing relative strength. Treasuries began extending their opening gains shortly after the start, reaching their best levels in recent trade. The market did not receive any economic data this morning while the price of oil has climbed toward its overnight high near $103.50/bbl. Equities are off toa modestly higher start with the S&P 500 (+0.3%) trimming its March loss to 7.1%.
• Yield Check:
  • 2-yr: -9 bps to 3.83%
  • 3-yr: -9 bps to 3.85%
  • 5-yr: -9 bps to 3.98%
  • 10-yr: -9 bps to 4.35%
  • 30-yr: -7 bps to 4.91%