Bond Market Update

Opening Losses Trimmed

• Shorter-dated Treasuries have clawed back the bulk of their opening losses while longer tenors remain in the red, though they too have climbed off their early lows. Treasuries marked session lows immediately after the cash start, followed by a bounce that has been led by the front end. Thanks to the early rise off lows, yields on 10s and shorter tenors are staying just below their highs from last week while the 30-yr yield reached a fresh November low before slipping back to its high from Friday. Equities are off to a mostly higher start with the Nasdaq (+0.3%) leading the S&P 500 (+0.2%) while the Dow (-0.1%) lags.
• Yield Check:
  • 2-yr: +1 bp to 4.31%
  • 3-yr: +1 bp to 4.28%
  • 5-yr: +1 bp to 4.31%
  • 10-yr: +3 bps to 4.46%
  • 30-yr: +5 bps to 4.65%