Bond Market Update

Shorter Tenors Maintain Lead

• U.S. Treasuries continue hanging onto their gains with shorter tenors showing relative strength while the long bond sits just below its opening level after slipping from its session high that was marked in immediate reaction to the Employment Situation report for June. Meanwhile, the 10-yr note and shorter tenors remain above their opening levels, looking to end the week on a higher note after a strong recovery from Monday's slide. Equities started the day with modest gains but the S&P 500 is back near its unchanged level while the Nasdaq (+0.3%) outperforms.
• Yield Check:
  • 2-yr: -8 bps to 4.64%
  • 3-yr: -7 bps to 4.42%
  • 5-yr: -6 bps to 4.26%
  • 10-yr: -4 bps to 4.32%
  • 30-yr: -1 bp to 4.51%