Bond Market Update

Early Losses Maintained

• U.S. Treasuries continue hovering near their starting levels, making for a quiet start to the midweek session. The market followed its slightly lower open with a brief rise above the day's starting levels, but resistance was found below yesterday's closing levels, leaving the market with modest losses. Axios reported not long ago that negotiators from the U.S. and Iran made progress today, contributing to the market's guarded sense of optimism about a near-term resolution to the conflict. Equities are off to a higher start with the S&P 500 (+0.4%) extending this week's gain to 2.6%.
• Yield Check:
  • 2-yr: +1 bp to 3.76%
  • 3-yr: +2 bps to 3.78%
  • 5-yr: +2 bps to 3.89%
  • 10-yr: +2 bps to 4.27%
  • 30-yr: +1 bp to 4.88%