Bond Market Update

Staying Near Lows

• U.S. Treasuries remain near lows that were notched about 90 minutes ago, having spent recent action in a sideways range. The market retreated steadily through morning trade, but it has found some intraday support after yields reached levels not seen since late February. Like Treasuries, equities also trade in the red, giving back some of their recent gains. The S&P 500 (-0.7%) has trimmed its May gain to 2.0% while the Nasdaq (-1.0%) remains up 3.8% for the month. On a side note, crude oil has not seen much movement today, hovering just above $105/bbl.
• Yield Check:
  • 2-yr: +4 bps to 4.13%
  • 3-yr: +4 bps to 4.21%
  • 5-yr: +6 bps to 4.34%
  • 10-yr: +5 bps to 4.67%
  • 30-yr: +3 bps to 5.18%