Bond Market Update

Longer Tenors Ahead

• U.S. Treasuries hold modest gains after inching up from their starting levels. Treasuries started the day just above their flat lines, followed by some more buying just after the start. The early bid has pressured the 10-yr yield back to its low from Friday while the long bond outperforms, sending its yield to its lowest level since early April. Equities started the day with broad-based strength that has lifted the S&P 500 (+0.8%) into positive territory for the month (+0.4%).
• Yield Check:
  • 2-yr: +1 bp to 3.47%
  • 3-yr: UNCH at 3.47%
  • 5-yr: UNCH at 3.59%
  • 10-yr: -1 bp to 4.00%
  • 30-yr: -2 bps to 4.58%