Bond Market Update

Early Gains Extended

• U.S. Treasuries have seen an extension of today's early bid with relative strength in the long bond helping it join shorter tenors at fresh highs for the month. The market has been rising steadily since today's open, pressuring the 10-yr yield to within six basis points of its low from March while the 2-yr yield is now just 22 basis points above its 2024 low from early January. Equities are off to a strong start with the S&P 500 (+1.5%) turning positive for the month.
• Yield Check:
  • 2-yr: -2 bps to 4.34%
  • 3-yr: -2 bps to 4.15%
  • 5-yr: -4 bps to 4.00%
  • 10-yr: -5 bps to 4.10%
  • 30-yr: -5 bps to 4.35%