Bond Market Update

Off to Quiet Start

• U.S. Treasuries have seen some light backtracking from their morning highs, though overall action has been subdued so far. Treasuries notched their best levels immediately after the cash start, followed by a dip past their starting levels during the past 30 minutes. Longer tenors outperformed out of the gate and they continue hanging onto gains while the 2-yr note is little changed. Equities are off to a mostly higher start, led by the Russell 2000 (+0.9%) while the S&P 500 (+0.4%) and Nasdaq (+0.1%) trail.
• Yield Check:
  • 2-yr: UNCH at 4.27%
  • 3-yr: -1 bp to 4.32%
  • 5-yr: -2 bps to 4.40%
  • 10-yr: -3 bps to 4.58%
  • 30-yr: -4 bps to 4.81%