Bond Market Update

Opening Losses Recovered

• U.S. Treasuries hold modest gains across the curve after overcoming some early weakness. Treasuries started the day with modest losses, but they bounced almost immediately, with the entire complex turning positive during the initial hour of trade. Overall, the early action has taken place inside a narrow range, which is not that surprising given the lack of morning data releases. Equities started the day on a higher note, but the S&P 500 is back near its unchanged level after giving back its slim opening gain.
• Yield Check:
  • 2-yr: -1 bp to 3.59%
  • 3-yr: UNCH at 3.61%
  • 5-yr: -1 bp to 3.73%
  • 10-yr: -1 bp to 4.15%
  • 30-yr: -1 bp to 4.75%