Bond Market Update

Early Losses Trimmed

• U.S. Treasuries have climbed off their opening lows, though they remain in negative territory. Treasuries opened the session with sizable losses in longer tenors while the 2-yr note has held up better, trading just below its unchanged level. The market did not receive any top-tier data today, but the Empire State Manufacturing survey (-6.6; Briefing.com consensus -6.0), which was released at 8:30 ET, showed a larger than expected contraction in the region's manufacturing sector in July. Equities are off to a higher start with the Russell 2000 (+1.0%) seeing a continuation of last week's outperformance.
• Yield Check:
  • 2-yr: -1 bp to 4.45%
  • 3-yr: UNCH at 4.23%
  • 5-yr: +1 bp to 4.12%
  • 10-yr: +3 bps to 4.22%
  • 30-yr: +5 bps to 4.45%