Bond Market Update

 Reversal Continues

• U.S. Treasuries trade on lows that were reached in recent action. Intraday trade has turned out to be a unidirectional affair with the market steadily sliding from its opening highs. The retreat has continued into the early afternoon with the 30-yr yield reaching its highest level in more than five weeks while yields on shorter tenors remain below their November highs. Elsewhere, equities have recovered from their weak start with the S&P 500 now up 0.5% for the day and up 0.6% for the week.
• Yield Check:
  • 2-yr: +2 bps to 3.61%
  • 3-yr: +2 bps to 3.61%
  • 5-yr: +3 bps to 3.73%
  • 10-yr: +3 bps to 4.15%
  • 30-yr: +5 bps to 4.75%