Bond Market Update

Early Weakness Reversed

• U.S. Treasuries are back near their opening levels after a steady bounce off fresh lows for the month. The market retreated after today's encouraging batch of economic data, but a weak showing from the stock market that has the S&P 500 (-1.5%) widening this week's loss to 2.2% is providing some support. Thanks to the rebound, the 2-yr yield is now unchanged for the day while the 10-yr yield is now up just one basis point. Given the current standing, the 10-yr yield is on track to end the week with a 13-basis point increase while the 2-yr yield is up four basis points for the week.
• Yield Check:
  • 2-yr: UNCH at 4.29%
  • 3-yr: UNCH at 4.26%
  • 5-yr: UNCH at 4.29%
  • 10-yr: +1 bp to 4.43%
  • 30-yr: +2 bps to 4.61%