Bond Market Update

Opening Gains Extended

• U.S. Treasuries trade on their highs after adding to their opening gains in steady fashion. The market faced some very light pressure immediately after the start, but it resisted that selling and has been pushing fresh highs over the past hour. Longer tenors started in the lead and they remain ahead, but the short end has also climbed. The early strength has pressured the 10-yr yield toward its April low (3.886%) while the 5-yr yield is on track for its lowest settlement since early October 2024. Equities are off to a flat start in the S&P 500 but small caps are facing early pressure, sending the Russell 2000 lower by 1.0%.
• Yield Check:
  • 2-yr: -2 bps to 3.44%
  • 3-yr: -3 bps to 3.44%
  • 5-yr: -3 bps to 3.55%
  • 10-yr: -3 bps to 3.96%
  • 30-yr: -3 bps to 4.54%