Bond Market Update

Longer Tenors Remain Ahead

• U.S. Treasuries are back near their opening levels after dipping from their morning highs. Treasuries added to their starting gains after the cash start, but the past few minutes have seen a dip that returned action to the day's opening levels. Still, the early movement has taken place inside a narrow range with longer tenors remaining slightly ahead while the short end is now down slightly leading into today's $69 bln 2-yr note auction at 13:00 ET. Equities are off to a strong start with the Nasdaq (+1.7%) outpacing the S&P 500 (+0.9%).
• Yield Check:
  • 2-yr: +1 bp to 3.52%
  • 3-yr: +1 bp to 3.51%
  • 5-yr: +1 bp to 3.62%
  • 10-yr: -1 bp to 4.05%
  • 30-yr: -3 bps to 4.69%