Bond Market Update

Narrow Range Maintained

• U.S. Treasuries have inched down from their best levels of the session that were reached about 90 minutes after the cash start. Intraday action has unfolded inside a narrow sideways range, leaving Treasuries on course to finish January just below their best levels of the month. The market has held its ground in reaction to a Reuters report indicating that President Trump will delay the implementation of tariffs on imports from Canada and Mexico to March 1 from February 1. Equities are hanging onto solid gains with the S&P 500 (+0.7%) on track to gain 0.2% for the week.
• Yield Check:
  • 2-yr: +1 bp to 4.21%
  • 3-yr: UNCH at 4.24%
  • 5-yr: +1 bp to 4.32%
  • 10-yr: +1 bp to 4.52%
  • 30-yr: +1 bp to 4.77%