Bond Market Update

Defending Gains

• Recent action saw the long bond inch to a fresh high for the day while 10s and 5s hover just below highs that were reached around 9:30 ET. Today's session has been largely uneventful with Treasuries staying just below their 2024 highs that were notched on Wednesday. The market received highly anticipated CPI and PPI reports this week while next week will bring the release of August Retail Sales (prior 1.0%) and Industrial Production (prior -0.6%) on Tuesday ahead of Wednesday's expected 25-bps rate cut from the FOMC.
• Yield Check:
  • 2-yr: -7 bps to 3.58%
  • 3-yr: -5 bps to 3.43%
  • 5-yr: -4 bps to 3.42%
  • 10-yr: -3 bps to 3.65%
  • 30-yr: -2 bps to 3.98%