Bond Market Update

Narrow Range Maintained

• U.S. Treasuries hover near the midpoint of today's narrow trading range after backpedaling from highs that were reached around 10:00 ET. The morning bounce off lows lifted the action into positive territory, but the market has not been able to extend deeper into the green. Instead, the 10-yr note and shorter tenors dipped back into the red about 90 minutes ago while the long bond sits right on its unchanged level as it displays some relative strength. Like Treasuries, equities have seen limited intraday movement, which leaves the S&P 500 (+0.1%) with a slim gain.
• Yield Check:
  • 2-yr: +1 bp to 4.74%
  • 3-yr: +2 bps to 4.48%
  • 5-yr: +1 bp to 4.28%
  • 10-yr: UNCH at 4.26%
  • 30-yr: UNCH at 4.40%