Bond Market Update

Stocks Recovering

• The buying interest that began in the overnight session has tapered off, yet yields across the curve remain comfortably below Friday's settlement levels.
• Some of today's buying pressure wore off as stocks started to recover from larger losses seen earlier today. The S&P 500 had been down as much as 1.7%, but is now down only 0.6% and attempting to reclaim a posture above its 50-day moving average (5,942).
• Economic data was limited today and that will remain the case Tuesday with only the October FHFA Housing Price index and October S&P Case-Shiller Home price Index slated for release. Both will hit the wires at 9:00 a.m. ET in what should be another thinly-traded session.
• Yield check:
  • 2-yr: -7 bps to 4.26%
  • 3-yr: -8 bps to 4.29%
  • 5-yr: -8 bps to 4.38%
  • 10-yr: -7 bps to 4.55%
  • 30-yr: -4 bps to 4.77%