Bond Market Update

Moving Sideways

• U.S. Treasuries remain in negative territory, though the 2-yr note has reached a fresh high in recent trade while longer tenors trade near the midpoint of today's range after slipping from their morning highs. This has kept today's action in a sideways range while equities are little changed with the S&P 500 on course to gain 1.6% for September and 5.1% for Q3. As for Treasuries, the 2-yr yield has fallen 33 basis points in September and is down 112 basis points since the end of Q2 while the 10-yr yield is down 14 basis points for the month and down 57 basis points for the quarter.
• Yield Check:
  • 2-yr: +4 bps to 3.60%
  • 3-yr: +3 bps to 3.51%
  • 5-yr: +3 bps to 3.53%
  • 10-yr: +2 bps to 3.77%
  • 30-yr: +2 bps to 4.11%