Bond Market Update

Long End Slips

• U.S. Treasuries trade near their lows after backpedaling from their starting levels. Shorter tenors led the market higher out of the gate, and they remain ahead, but the long end was quick to turn negative, reversing from a modestly higher start. The past few minutes saw an uptick off lows as the market reacted to a below-consensus New Home Sales report for June (actual 617,000; Briefing.com consensus 640,000). Equities are off to a weak start with the Nasdaq (-2.0%) leading the S&P 500 (-1.3%) lower.
• Yield Check:
  • 2-yr: -8 bps to 4.40%
  • 3-yr: -4 bps to 4.22%
  • 5-yr: -3 bps to 4.12%
  • 10-yr: -1 bp to 4.23%
  • 30-yr: +1 bp to 4.49%