Bond Market Update

Long End Behind

• Treasuries of most tenors continue hovering near their starting levels while the long bond has shown some relative weakness, returning to little changed. Economic data released this morning had little impact on overall action. The Consumer Confidence report (91.8; Briefing.com consensus 88.0) showed an unexpected improvement while job openings in February decreased to 6.882 million from January's reading that was revised sharply higher (to 7.240 million from 6.946 million). Equities are off to a strong start, encouraged by indications that the Iran war could end soon, with the S&P 500 (+1.5%) trading a bit behind the Nasdaq (+2.0%).
• Yield Check:
  • 2-yr: -3 bps to 3.80%
  • 3-yr: -4 bps to 3.82%
  • 5-yr: -4 bps to 3.94%
  • 10-yr: -2 bps to 4.32%
  • 30-yr: UNCH at 4.91%