Bond Market Update

Opening Levels Revisited

• U.S. Treasuries are defending today's gains after the 3-yr note and longer tenors overtook their opening highs in late morning action. Treasuries retreated from their starting levels during the first 90 minutes of action, but they found support right at yesterday's closing levels. Longer tenors have been at the forefront of the bounce, which has the long bond trading right above its opening level while 10s and 5s are essentially back where they started today's cash session. Similarly, equities have seen little change from their starting levels as the S&P 500 (+0.1%) fights to overcome losses in eight out of eleven sectors.
• Yield Check:
  • 2-yr: -5 bps to 4.04%
  • 3-yr: -5 bps to 3.99%
  • 5-yr: -5 bps to 4.01%
  • 10-yr: -5 bps to 4.20%
  • 30-yr: -5 bps to 4.47%