Bond Market Update

Longer Tenors Trim Early Losses

• U.S. Treasuries continue trading in the red, though early action has seen a slight shift from the initial dynamic. Longer tenors underperformed at the start, but the 10-yr note and the long bond climbed above their opening levels during the past hour while the 2-yr note has slipped to a fresh low in recent action. Equities, meanwhile, are off to a mixed start with the Nasdaq (+0.7%) showing early strength while early weakness in the Dow (-0.2%) puts the index on course for its fourth consecutive loss.
• Yield Check:
  • 2-yr: +2 bps to 4.15%
  • 3-yr: +2 bps to 4.11%
  • 5-yr: +3 bps to 4.10%
  • 10-yr: +3 bps to 4.22%
  • 30-yr: +2 bps to 4.41%