Bond Market Update

Some Resilience on Display

• U.S. Treasuries have stayed above their morning lows with the long bond recovering the bulk of its opening loss while the 5-yr note is back to its starting level. Early action saw some selling, which set sights on yesterday's lows, but the market has been resilient, which has been encouraging given the recent dose of geopolitical uncertainty. Equities, meanwhile, have largely recovered from yesterday's weakness with the S&P 500 (+0.9%) essentially back at its closing level from Monday with its 50-day moving average (6905) looming about 30 points above.
• Yield Check:
  • 2-yr: +3 bps to 3.53%
  • 3-yr: +2 bps to 3.53%
  • 5-yr: +3 bps to 3.66%
  • 10-yr: +2 bps to 4.08%
  • 30-yr: +1 bp to 4.71%