Bond Market Update

Opening Losses Narrowed

• U.S. Treasuries continue trading in the red, but they have seen some recent buying interest that has pressured yields well below today's starting levels. The market spent the first hour in a sideways range with a slight upward bias, while the past hour has seen a strong push to highs. The bounce off lows has pressured the 10-yr yield from just shy of 3.75% to 3.73%, which is still about two basis points above Friday's settlement. Equities are off to a generally higher start with technology leading the way. The S&P 500 (+0.2%) holds a modest gain while the Nasdaq (+0.4%) outperforms.
• Yield Check:
  • 2-yr: +2 bps to 3.59%
  • 3-yr: +1 bp to 3.60%
  • 5-yr: +2 bps to 3.73%
  • 10-yr: +3 bps to 4.14%
  • 30-yr: +2 bps to 4.74%