Bond Market Update

Sitting Near Lows

• U.S. Treasuries trade near their lows after adding to their initial losses. Treasuries spent the first hour of action in a sideways range near their starting levels, reaching fresh lows at the start of the Wall Street session. Longer tenors underperformed out of the gate, and they remain behind with the entire complex staying near lows after the just-released New Home Sales report for May (actual 619,000; Briefing.com consensus 650,000) missed expectations. Equities are off to a mixed start with the S&P 500 (-0.1%) holding a slim loss while the Nasdaq (+0.3%) outperforms.
• Yield Check:
  • 2-yr: UNCH at 4.73%
  • 3-yr: +5 bps to 4.51%
  • 5-yr: +6 bps to 4.32%
  • 10-yr: +6 bps to 4.30%
  • 30-yr: +6 bps to 4.44%