Bond Market Update

Opening Levels Revisited

• U.S. Treasuries have continued navigating a sideways range, which leaves most tenors very close to their opening levels. The market saw some morning buying that lifted action to fresh highs, but that move was reversed as the morning went on, returning action toward the day's starting levels. The 10-yr yield is now just above its 50-day moving average (4.098%) after finishing last Friday just below that mark. Up front, the 2-yr yield approached its 50-day moving average (3.561%) during the morning bounce, but it is now back above that level after the return toward session lows.
• Yield Check:
  • 2-yr: -1 bp to 3.60%
  • 3-yr: UNCH at 3.61%
  • 5-yr: UNCH at 3.72%
  • 10-yr: +1 bp to 4.11%
  • 30-yr: +2 bps to 4.69%