Bond Market Update

Opening Losses Recovered

• U.S. Treasuries hold modest gains after a steady rise off session lows that were notched immediately at the cash start. Treasuries began the day in negative territory, but began bouncing quickly, returning all tenors back to unchanged near the end of the initial hour of trade. However, even with the reversal, the early trading range has been narrow, keeping the 10-yr yield between 4.28% and 4.25%. Equities are off to a higher star with the S&P 500 (+0.4%) outperforming the Nasdaq (+0.2%).
• 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: -1 bp to 4.39%