Bond Market Update

Opening Range Maintained

• U.S. Treasuries continue hovering inside a trading range that was established during the first few minutes of action with the long bond showing slight relative strength. Treasuries have seen very little movement in early trade with the 10-yr yield bouncing inside a one-basis point range with the market keeping an eye on the price of oil, which has dipped from the overnight high just above $100/bbl. Today's economic data was limited to Existing Home Sales for April (4.02 mln; Briefing.com consensus 4.05 mln), which was a bit shy of expectations. Equities are off to a slightly higher start with the S&P 500 (+0.2%) extending this month's gain to 2.9%.
• Yield Check:
  • 2-yr: +3 bps to 3.92%
  • 3-yr: +3 bps to 3.95%
  • 5-yr: +3 bps to 4.04%
  • 10-yr: +3 bps to 4.39%
  • 30-yr: +2 bps to 4.97%