Bond Market Update

Sitting on Highs

• U.S. Treasuries have returned to their best levels of the day, turning slightly positive. The market had shown resilience since the start, interrupted by a brief mid-morning pullback from highs just as equities stumbled out of the gate. However, stocks have also done a good job recovering their early losses with the S&P 500 (+0.3%) and Nasdaq (+0.5%) now comfortably in positive territory. As for Treasuries, they are hanging onto slim gains after a quiet morning on the economic data front. Crude oil has retreated from its overnight high, returning to $100/bbl, amid reports that President Trump will look to continue negotiations with Iran before escalating the conflict.
• Yield Check:
  • 2-yr: -1 bp to 3.79%
  • 3-yr: -1 bp to 3.81%
  • 5-yr: -1 bp to 3.93%
  • 10-yr: -1 bp to 4.31%
  • 30-yr: -1 bp to 4.91%