Bond Market Update

Short End Holding Up

• U.S. Treasuries have seen some divergence since our last update, as the 2-yr note inched above its opening level, hitting a fresh high in the process, while longer tenors have seen some additional pressure that produced a fresh low in the 30-yr bond about an hour ago. The 10-yr note, for its part, is holding a bit above its low that was notched at the end of the opening hour of the cash session. That said, these recent moves have not expanded the overall trading range by all that much. Equities, meanwhile, have overcome a soft start in the S&P 500 (+0.2%) while the Nasdaq (-0.3%) remains a bit behind.
• Yield Check:
  • 2-yr: -1 bp to 4.29%
  • 3-yr: UNCH at 4.35%
  • 5-yr: +2 bps to 4.45%
  • 10-yr: +5 bps to 4.65%
  • 30-yr: +7 bps to 4.88%