Bond Market Update

Opening Gains Trimmed

• U.S. Treasuries have dipped from their starting levels, pressuring the 3-yr note into negative territory while longer tenors remain slightly higher. Treasuries spent the first hour inside a narrow range, slipping to lows alongside a positive open in equities. Overall, the pace of today's early action has been slow, but that is not surprising given the dearth of noteworthy economic data. The U.S. Treasury will hold a $39 bln 10-yr note reopening later, to follow yesterday's solid 3-yr note sale.
• Yield Check:
  • 2-yr: UNCH at 3.57%
  • 3-yr: +1 bp to 3.59%
  • 5-yr: UNCH at 3.71%
  • 10-yr: -1 bp to 4.12%
  • 30-yr: -1 bp to 4.71%