Bond Market Update

Turning Lower as Oil Climbs

• U.S. Treasuries have continued backtracking from their highs, turning negative about 90 minutes ago. The market has been backpedaling steadily since its failed attempt at an extension of today's starting gains while equities have also faced some pressure after yesterday's fresh record highs in the major averages. The backpedaling in Treasuries took place alongside a rebound in the price of WTI crude, which is now back above its 50-day moving average (93.88) after dipping below $90/bbl in early trade.
• Yield Check:
  • 2-yr: +3 bps to 3.90%
  • 3-yr: +3 bps to 3.92%
  • 5-yr: +2 bps to 4.03%
  • 10-yr: +2 bps to 4.38%
  • 30-yr: +2 bps to 4.96%