Bond Market Update

Opening Losses Reversed

• U.S. Treasuries trade at their best levels of the morning after a steady bounce off their opening lows. Treasuries started the day in negative territory, marking fresh lows in immediate reaction to today's big batch of data, which included an upward revision to Q1 GDP (to 1.4% from 1.3%), an unexpected decrease in weekly jobless claims (233,000; Briefing.com consensus 238,000; prior 239,000), and better than expected durable orders growth (actual 0.1%; Briefing.com consensus -1.2%) for May. Treasuries began bouncing immediately after marking lows, returning into positive territory during the first 20 minutes of action, while recent trade has seen a rise above yesterday's opening levels. Equities are off to a modestly higher start with the S&P 500 (+0.2%) trailing the Nasdaq (+0.4%).
• Yield Check:
  • 2-yr: -5 bps to 4.70%
  • 3-yr: -5 bps to 4.48%
  • 5-yr: -5 bps to 4.29%
  • 10-yr: -4 bps to 4.28%
  • 30-yr: -3 bps to 4.42%