Bond Market Update

Opening Gains Reversed

• U.S. Treasuries hold slim losses after retreating from their opening highs. Treasuries notched their best levels at the start, followed by a steady retreat, which found support once the action returned toward closing levels from yesterday. Longer tenors outperformed at the start, and they remain a touch ahead, but the entire complex is now down modestly after giving back slim gains. Equities are off to a modestly higher start with the S&P 500 (+0.3%) trailing the Nasdaq (+0.8%).
• Yield Check:
  • 2-yr: +2 bps to 4.75%
  • 3-yr: +1 bp to 4.48%
  • 5-yr: +1 bp to 4.28%
  • 10-yr: UNCH at 4.25%
  • 30-yr: +1 bp to 4.39%