Bond Market Update

Early Losses Maintained

• U.S. Treasuries continue trading in the red, though the underperformance gap in shorter tenors has been narrowed, as they climbed of their early lows while longer tenors have added to their initial losses. The opening selling comes alongside a weak start in equities, which has the S&P 500 (-0.3%) trading just ahead of the Nasdaq (-0.5%) and behind the Dow (-0.2%). Crude oil, meanwhile, is hanging onto the bulk of today's gain, hovering at its best level since the end of August.
• Yield Check:
  • 2-yr: +6 bps to 3.99%
  • 3-yr: +6 bps to 3.90%
  • 5-yr: +5 bps to 3.86%
  • 10-yr: +5 bps to 4.03%
  • 30-yr: +3 bps to 4.30%