Bond Market Update

Long End Ahead

• Longer-dated Treasuries continue hanging onto today's gains with the long bond sitting just below its session high that was established during the past 30 minutes. Meanwhile, the 2-yr note has inched away from its post-CPI high, turning negative for the day. While the market has diverged some, intraday action has unfolded at a slow pace alongside a bumpy showing from stocks, which has the S&P 500 (+0.2%) trading slightly higher while the Nasdaq (-0.1%) lags. The Treasury market received a couple important economic reports this week, but more noteworthy data will be released tomorrow with July Retail Sales (Briefing.com consensus 0.3%; prior 0.0%) scheduled for an 8:30 ET release, followed by July Industrial Production (Briefing.com consensus 0.1%; prior 0.6%) at 9:15 ET.
• Yield Check:
  • 2-yr: +1 bp to 3.95%
  • 3-yr: UNCH at 3.76%
  • 5-yr: -1 bp to 3.67%
  • 10-yr: -2 bps to 3.83%
  • 30-yr: -4 bps to 4.12%