Bond Market Update

Shorter Tenors Reverse

• Shorter-dated Treasuries have backpedaled from their opening highs while longer tenors remain in the green, though they too have given back some of their early gains. Unencumbered by economic data, Treasuries inched higher out of the gate, reaching their best levels during the first few minutes of action, followed by some backtracking. The 2-yr note is now back to little changed while longer tenors remain closer to their highs with the 10-yr yield sitting just three basis points above this month's low. Equities are off to a higher start with the S&P 500 (+0.3%) trailing the Nasdaq (+0.6%).
• Yield Check:
  • 2-yr: UNCH at 4.39%
  • 3-yr: UNCH at 4.20%
  • 5-yr: -1 bp to 4.07%
  • 10-yr: -3 bps to 4.17%
  • 30-yr: -4 bps to 4.42%