Bond Market Update

Fresh Lows Set

• U.S. Treasuries trade on their lows after facing steady pressure over the past 90 minutes. Treasuries spent the bulk of the morning in a sideways range before giving in to selling pressure, which coincided with some weakness in equities. The 2-yr note underperformed at the start of the session, but longer tenors took the lead to the downside during the recent slip to lows. However, even with today's uptick, yields are on track for a firmly lower finish to the week with the 2-yr yield currently down 42 basis points from July's settlement while the 10-yr yield is down 20 basis points for the month.
• Yield Check:
  • 2-yr: +3 bps to 3.92%
  • 3-yr: +2 bps to 3.78%
  • 5-yr: +4 bps to 3.71%
  • 10-yr: +4 bps to 3.91%
  • 30-yr: +5 bps to 4.20%