Bond Market Update

Opening Advance Reversed

• U.S. Treasuries are back to little changed after recent trade saw a slide from highs. Treasuries spent the first couple hours of action in a sideways range, marking highs just before the release of flash Manufacturing (actual 51.7; prior 51.3) and Services (actual 55.1; prior 54.8) PMI readings for June. Treasuries slid to lows after the market received those reports, adding to their losses after the just-released second batch of data showed above-consensus Existing Home Sales for May (actual 4.11 mln; Briefing.com consensus 4.10 mln) coupled with a larger-than-expected decrease in May Leading Indicators (actual -0.5%; Briefing.com consensus -0.3%). Equities are off to a soft start with the S&P 500 (-0.2%) staying ahead of the Nasdaq (-0.3%).
• Yield Check:
  • 2-yr: UNCH at 4.73%
  • 3-yr: UNCH at 4.46%
  • 5-yr: UNCH at 4.27%
  • 10-yr: UNCH at 4.25%
  • 30-yr: UNCH at 4.39%