Bond Market Update

Gains Trimmed

• U.S. Treasuries have dipped from their best levels of the session, but they continue holding the bulk of their gains with longer tenors showing some relative strength. The entire complex climbed during the first 90 minutes of the session, followed by some recent backtracking, which has taken place even though equities remain weak. The S&P 500 (-1.6%) hit a fresh low in recent action while the Nasdaq (-2.6%) and Russell 2000 (-2.7%) underperform.
• Yield Check:
  • 2-yr: -4 bps to 3.89%
  • 3-yr: -4 bps to 3.75%
  • 5-yr: -6 bps to 3.66%
  • 10-yr: -6 bps to 3.85%
  • 30-yr: -6 bps to 4.14%