Bond Market Update

Opening Range Maintained

• U.S. Treasuries continue trading near their opening levels after a sideways start to the session. Longer tenors outperformed from the start and they remain ahead, but the entire complex has seen very little movement through the first couple hours of action. The 10-yr yield has bounced inside a two-basis point range, and it currently sits near the midpoint of that range. Investors received this morning's sole economic release a few minutes ago, but the above-consensus reading of the preliminary University of Michigan Consumer sentiment survey for October (55.0; Briefing.com consensus 54.5) was met with a muted reaction. Equities are off to a higher start with the S&P 500 (+0.2%) extending this week's gain to 0.5%.
• Yield Check:
  • 2-yr: -1 bp to 3.57%
  • 3-yr: -1 bp to 3.59%
  • 5-yr: -4 bps to 3.70%
  • 10-yr: -5 bps to 4.10%
  • 30-yr: -6 bps to 4.67%