Bond Market Update

Pressure Persists

• U.S. Treasuries trade just above lows that were set during the past hour of action. The market tried, but failed to stage an early reversal off opening lows with issues in the belly facing the most pressure while the long bond has put up a fight, though it too finds itself in negative territory at this juncture. Today's selling has lifting yields to levels not seen in nearly three months, which caught the attention of the equity market. However, despite its lower open, the S&P 500 (-0.2%) has been rising steadily from its starting level with its record high looming about 35 points above.
• Yield Check:
  • 2-yr: +2 bps to 4.05%
  • 3-yr: +4 bps to 3.99%
  • 5-yr: +3 bps to 4.01%
  • 10-yr: +2 bps to 4.21%
  • 30-yr: +1 bp to 4.49%