Bond Market Update

Defending Early Gains

• U.S. Treasuries have risen from their starting levels, lifting the 5-yr note and longer tenors into positive territory. The trading day started with relative strength up front and that remains the cast at this juncture, though the past few minutes have seen a pullback from highs after the market received the Job Openings and Labor Turnover Survey for October. The survey showed that job openings increased to 7.744 million from a downwardly revised 7.372 million (from 7.443 million) in September. Equities, meanwhile, are off to a flat start with the S&P 500 sitting just below its unchanged level while the Nasdaq (+0.1%) outperforms slightly.
• Yield Check:
  • 2-yr: -3 bps to 4.17%
  • 3-yr: -2 bps to 4.12%
  • 5-yr: -1 bp to 4.08%
  • 10-yr: UNCH at 4.19%
  • 30-yr: UNCH at 4.36%