Bond Market Update

More Decisions Coming

• Still sitting in a tight range ahead of the FOMC decision.
• Following on the heels of the FOMC meeting will be the Bank of Japan and Bank of England meetings. Those banks are expected to leave their benchmark rates unchanged at 0.25% and 4.75%, respectively.
• The People's Bank of China will be out late Thursday night (Friday local time) with a decision on its one-year and five-year loan prime rates. The market expects both to remain unchanged at 3.10% and 3.60%, respectively.
• Oil prices have gotten a boost today. WTI crude futures are up 1.4% to $71.07/bbl and Brent crude futures are up 1.0% to $73.93/bbl.
• Yield check:
  • 2-yr: -2 bps to 4.22%
  • 3-yr: -1 bp to 4.21%
  • 5-yr: unch at 4.25%
  • 10-yr: +1 bp to 4.39%
  • 30-yr: +1 bp to 4.59%