Bond Market Update

Post-NFP Gains Maintained

• Recent action saw the long bond climb above its high that was notched in immediate reaction to the July jobs report while shorter tenors have risen toward their highs after seeing some backtracking during the hour that followed the report's release. The early strength in Treasuries comes alongside pressure on equities, which has the S&P 500 (-2.3%) on track to lose 2.6% for the week while the Russell 2000 (-3.5%) has given up 6.7% this week.
• Yield Check:
  • 2-yr: -26 bps to 3.90%
  • 3-yr: -24 bps to 3.73%
  • 5-yr: -20 bps to 3.64%
  • 10-yr: -16 bps to 3.82%
  • 30-yr: -12 bps to 4.15%