Bond Market Update

Bumpy Session Continues

• U.S. Treasuries are back near their opening levels after drifting down from session highs that were reached in mid-morning action. Treasuries began inching away from their best levels after the market received a strong Pending Home Sales report for September (7.4%; Briefing.com consensus 2.5%), finding support after slipping below their morning lows. The intraday volatility leaves the 2-yr note just above its session low with its yield two basis points below today's high while the long bond is hanging onto a decent gain, sitting just above its starting mark.
• Yield Check:
  • 2-yr: +2 bps to 4.14%
  • 3-yr: +2 bps to 4.10%
  • 5-yr: +1 bp to 4.11%
  • 10-yr: -1 bp to 4.26%
  • 30-yr: -4 bps to 4.48%