Bond Market Update

Sitting on Lows

• U.S. Treasuries trade just above their lows after sliding from their opening levels. Treasuries spent the first three hours of action in a sideways range near their starting levels but slid to lows as equities resisted some early pressure and returned to their highs. Shorter tenors were at the forefront of the early selling, but longer tenors joined the retreat in recent action, leaving yields up about three basis points across the curve. Today's selling has lifted the 30-yr yield to its 200-day moving average (4.499%) with the 50-day moving average (4.502%) looming above.
• Yield Check:
  • 2-yr: +3 bps to 4.54%
  • 3-yr: +3 bps to 4.31%
  • 5-yr: +3 bps to 4.19%
  • 10-yr: +3 bps to 4.27%
  • 30-yr: +3 bps to 4.48%