Bond Market Update

Opening Gains Defended

• U.S. Treasuries have sustained their opening gains with the 10-yr note and shorter tenors remaining near levels seen at the start of today's cash session while the long bond has shown relative strength, reaching a fresh high during the past 45 minutes. With today's higher start, yields on 10s and 30s are back below their respective 50-day moving averages while yields on shorter tenors remain just above their 50-day averages. Equities are off to a generally higher start with the S&P 500 (+0.1%) extending this week's gain to 1.8% but the Nasdaq (-0.3%) lags.
• Yield Check:
  • 2-yr: -2 bps to 3.57%
  • 3-yr: -4 bps to 3.56%
  • 5-yr: -3 bps to 3.68%
  • 10-yr: -3 bps to 4.08%
  • 30-yr: -3 bps to 4.67%