Bond Market Update

Opening Losses Extended

• U.S. Treasuries have extended their early losses with the belly leading the early selling. With today's losses, yields on the 5-yr note and shorter tenors have reached their highest levels since February 2025 while yields on 10s and 30s are back to levels last seen in almost a year. Equities started the day on a lower note, giving back a good chunk of this week's gains, though the market is trying to bounce off early lows. Crude oil, meanwhile, remains near $104/bbl, up about $9/bbl for the week.
• Yield Check:
  • 2-yr: +8 bps to 4.07%
  • 3-yr: +10 bps to 4.13%
  • 5-yr: +11 bps to 4.24%
  • 10-yr: +11 bps to 4.57%
  • 30-yr: +10 bps to 5.12%