Bond Market Update

Early Gains Trimmed

• U.S. Treasuries have slipped from their early highs, returning most tenors to little changed while the 2-yr note remains not far below its best level of the morning. The early movement has taken place alongside a shaky open in equities, as the Nasdaq (-0.5%) displays early weakness while the Dow (+0.2%) outperforms.
• Yield Check:
  • 2-yr: -4 bps to 3.86%
  • 3-yr: UNCH at 3.72%
  • 5-yr: UNCH at 3.66%
  • 10-yr: UNCH at 3.83%
  • 30-yr: -1 bp to 4.12%