Bond Market Update

Drifting

• The cash session has featured an upward drift in yields for the most part, but nothing about which to get excited.
• The 10-yr note yield skimmed 4.11% ahead of the cash session and currently sits at 4.14%, up one basis point.
• Fed Chair Powell gave opening remarks earlier today at a Community Banker Conference but did not delve into monetary policy.
• The $22 billion 30-yr bond reopening lies ahead at 1:00 p.m. ET.
• Yield check:
  • 2-yr: +2 bps to 3.60%
  • 3-yr: +2 bps to 3.62%
  • 5-yr: +2 bps to 3.74%
  • 10-yr: +1 bp to 4.14%
  • 30-yr: +1 bp to 4.73%