Bond Market Update

Defending Gains

• U.S. Treasuries remain near session highs that were reached about an hour after the release of the November jobs report, which showed a rebound in activity that the market had hoped for. Shorter tenors led the post-data advance, but yields on all tenors have slipped to multi-week lows. The 2-yr yield is now at a level not seen since the start of November while the 30-yr yield is revisiting levels from mid-October.
• Yield Check:
  • 2-yr: -7 bps to 4.08%
  • 3-yr: -6 bps to 4.04%
  • 5-yr: -6 bps to 4.02%
  • 10-yr: -4 bps to 4.14%
  • 30-yr: -2 bps to 4.32%