Bond Market Update

Opening Gains Reversed

• U.S. Treasuries have turned negative, though early action has unfolded inside a narrow range. Treasuries notched session highs shortly after the open, backpedaling from their levels after today's lone data point—the Empire State Manufacturing survey for September (11.5; Briefing.com consensus -4.1)—showed a return to growth. The pullback from highs has been paced by the belly while 2s and 30s outperform. Equities are off to a mixed start with the S&P 500 (+0.1%) trading higher while the Nasdaq (-0.5%) lags.
• Yield Check:
  • 2-yr: UNCH at 3.58%
  • 3-yr: +1 bp to 3.44%
  • 5-yr: +1 bp to 3.44%
  • 10-yr: +1 bp to 3.66%
  • 30-yr: UNCH at 3.98%