Bond Market Update

Fresh Highs Set

• U.S. Treasuries have rallied past their morning highs after a failed reversal from their opening levels. Treasuries backpedaled from highs in morning trade but found support near yesterday's closing levels. The market spent the next hour near lows, but eventually found renewed buying interest as equities slumped to fresh lows. The recent bid has put yields on 10s and shorter tenors on track for their lowest closing levels of the month while the 30-yr yield remains four basis point above this month's low.
• Yield Check:
  • 2-yr: -3 bps to 4.36%
  • 3-yr: -3 bps to 4.17%
  • 5-yr: -3 bps to 4.04%
  • 10-yr: -4 bps to 4.14%
  • 30-yr: -3 bps to 4.40%