Bond Market Update

Opening Advance Moderated

• U.S. Treasuries remain near their opening levels after a steady start to today's session. Treasuries spent the first 90 minutes of action in a slow extension of their gains, but they slipped from highs back to their opening levels after the market learned that job openings increased to 8.140 mln in May from a downwardly revised 7.919 mln (from 8.059 mln) in April. Today's early bid sent the 10-yr yield back below its 50-day moving average (4.438%) while recent pressure has lifted the benchmark yield back above that mark. Equities are off to a soft start with the S&P 500 down 0.2%.
• Yield Check:
  • 2-yr: -3 bps to 4.74%
  • 3-yr: -4 bps to 4.55%
  • 5-yr: -4 bps to 4.40%
  • 10-yr: -3 bps to 4.45%
  • 30-yr: -2 bps to 4.62%