Bond Market Update

Hovering Near Lows

• U.S. Treasuries trade in the red after slipping from their opening levels. The market started the day with slim gains and relative strength in the 5-yr note, but the entire complex retreated after receiving this morning's batch of economic data, which was headlined by an upward revision to Q2 GDP (to 3.0% from 2.8%) and a decrease in weekly jobless claims (to 231,000 from 233,000). The post-data retreat lifted yields on 10s and 30s past their highs from Tuesday while the past 30 minutes have seen a small bounce off lows. Equities are off to a higher start with the S&P 500 rising 0.5% as it overcomes a poor response to a quarterly report and guidance from NVIDIA (NVDA 121.02, -4.59, -3.7%).
• Yield Check:
  • 2-yr: +2 bps to 3.89%
  • 3-yr: +2 bps to 3.75%
  • 5-yr: UNCH at 3.67%
  • 10-yr: +2 bps to 3.86%
  • 30-yr: +2 bps to 4.15%