Bond Market Update

Opening Losses Maintained

• U.S. Treasuries have spent the early portion of today's session in a sideways range with longer tenors remaining near their early lows while shorter tenors are a bit ahead, though they too remain in negative territory. The early pressure has lifted yields to their highs from yesterday's session while equities have started the day on a modestly higher note in the S&P 500 (+0.2%) while the Dow (-0.3%) lags in early action once again. Fed Chairman Powell will begin his testimony before the Senate Banking Committee at 10:00 ET.
• Yield Check:
  • 2-yr: +1 bp to 4.63%
  • 3-yr: +1 bp to 4.41%
  • 5-yr: +2 bps to 4.24%
  • 10-yr: +2 bps to 4.29%
  • 30-yr: +2 bps to 4.48%