Bond Market Update

Defending Gains

• Recent action saw the long bond inch to a fresh high for the day while shorter tenors remain just below their best levels from late morning trade. The overall pace of action has been slowing throughout the session, which only saw the release of one economic report. Things will remain quiet on that front next week with the market scheduled to receive just a handful of indicators. Still, that handful will include the preliminary readings of the S&P Global U.S. Manufacturing (prior 47.3) and Services (prior 55.2) PMIs that will be released alongside readings for other major economies, giving the market a fresh look at recent trends. Equities have extended to fresh highs with the S&P 500 (+0.4%) rising toward its record that was set after yesterday's opening bell.
• Yield Check:
  • 2-yr: -3 bps to 3.96%
  • 3-yr: -3 bps to 3.87%
  • 5-yr: -3 bps to 3.88%
  • 10-yr: -3 bps to 4.07%
  • 30-yr: -3 bps to 4.37%