Bond Market Update

Gains Maintained

• U.S. Treasuries have reached fresh lows, though even with the recent backtracking, they remain well above yesterday's closing levels. Treasuries added to their starting gains during the first 90 minutes of action, before a slow reversal of the intraday progress. The 10-yr yield slipped below its 50-day moving average (4.438%) during the opening push, but it is back above that level at this time. The overall pace of today's action has been subdued, and things are expected to remain that way leading into Thursday's Independence Day closure. Equities have extended to fresh highs with the S&P 500 (+0.2%) trailing the Nasdaq (+0.5%).
• Yield Check:
  • 2-yr: -3 bps to 4.74%
  • 3-yr: -4 bps to 4.55%
  • 5-yr: -4 bps to 4.41%
  • 10-yr: -3 bps to 4.45%
  • 30-yr: -2 bps to 4.63%