Bond Market Update

Bid Persists

• U.S. Treasuries have rallied past their starting levels with shorter tenors remaining at the forefront of the advance after today's second batch of economic data featured a drop in July job openings (to 7.673 mln from 7.910 mln), suggesting some weakening in the labor market. The post-data advance has pressured yields on 5s and shorter tenors to levels not seen in nearly a month while yields on longer tenors hover at levels from two weeks ago. Equities started the day on a shaky note with the S&P 500 (-0.1%) staying ahead of the Nasdaq (-0.5%).
• Yield Check:
  • 2-yr: -11 bps to 3.78%
  • 3-yr: -10 bps to 3.64%
  • 5-yr: -8 bps to 3.58%
  • 10-yr: -6 bps to 3.78%
  • 30-yr: -5 bps to 4.08%