Bond Market Update

Opening Range Maintained

• U.S. Treasuries trade near their opening lows after spending the first two hours of action in a sideways range. Treasuries slipped out of the gate, but the lower start did not invite additional pressure. Instead, the market has maintained a sideways range with longer tenors remaining a touch behind. With today's lower start, yields on the 2-yr note and the 10-yr note are now up 15 basis points for the week after falling a respective 52 and 41 basis points last week. Equities are off to a higher start with the S&P 500 (+1.5%) narrowing this week's loss to 0.5%.
• Yield Check:
  • 2-yr: +4 bps to 4.02%
  • 3-yr: +3 bps to 3.84%
  • 5-yr: +5 bps to 3.78%
  • 10-yr: +5 bps to 3.94%
  • 30-yr: +5 bps to 4.23%