Bond Market Update

Lows Revisited

• U.S. Treasuries have slipped back to their lowest levels of the session after the rebound off morning lows ran out of steam well before Treasuries reached their unchanged levels. The morning rebound found resistance shortly after the equity market opened for the day with the S&P 500 (+0.4%) refusing to budge from record territory. The entire complex backed off highs since our last update, which leaves yields on 5s and longer tenors up about four basis points apiece while the 2-yr note outperforms slightly with its yield up two basis points for the day.
• Yield Check:
  • 2-yr: +2 bps to 3.59%
  • 3-yr: +2 bps to 3.61%
  • 5-yr: +4 bps to 3.74%
  • 10-yr: +4 bps to 4.16%
  • 30-yr: +4 bps to 4.76%