Bond Market Update

Losses Maintained

• U.S. Treasuries have dipped from their intraday highs after the 5-yr note made a brief appearance in positive territory. The market spent morning trade in a slow rise off opening levels before finding resistance during the past 30 minutes. The backtracking, which took place shortly after Fed Chairman Powell started his appearance at the Economic Club of Washington, puts the 5-yr note back at its opening level while longer tenors remain a few ticks above their respective starting levels. Mr. Powell said during the ongoing appearance that he will not send signals about any policy meeting during today's discussion.
• Yield Check:
  • 2-yr: -1 bp to 4.45%
  • 3-yr: +1 bp to 4.24%
  • 5-yr: +2 bps to 4.13%
  • 10-yr: +4 bps to 4.23%
  • 30-yr: +5 bps to 4.45%