Bond Market Update

Opening Gains Reversed

• U.S. Treasuries have dipped from their morning highs, but the overall trading range has remained narrow through the early portion of today's session. Treasuries added to their slim gains during the first hour of action, but they found resistance amid an upbeat start on Wall Street that has helped the S&P 500 (+1.0%) narrow this week's loss to 0.7%. Treasuries have spent the past 50 minutes in a steady slide from highs, pressuring most tenors into the red, though not by much. The early retreat has sent the 30-yr yield back to yesterday's high while yields on shorter tenors remain below Tuesday highs.
• Yield Check:
  • 2-yr: UNCH at 3.58%
  • 3-yr: -1 bp to 3.57%
  • 5-yr: UNCH at 3.69%
  • 10-yr: UNCH at 4.13%
  • 30-yr: +1 bp to 4.75%