Bond Market Update

Long End Ahead

• U.S. Treasuries have spent the better part of the past three hours in a slow retreat from their morning highs, but recent action has seen some renewed buying that has the 30-yr yield within a basis point of today's low. The long bond has shown the most resilience so far while shorter tenors remain closer to their pullback lows. Equities are still struggling to gain traction with the S&P 500 drifting near its flat line, but small caps have recovered from their early weakness, returning the Russell 2000 to little changed.
• Yield Check:
  • 2-yr: -1 bp to 3.45%
  • 3-yr: -2 bps to 3.45%
  • 5-yr: -3 bps to 3.55%
  • 10-yr: -3 bps to 3.95%
  • 30-yr: -4 bps to 4.54%