Bond Market Update

Opening Levels Revisited

• U.S. Treasuries trade near their starting levels after a quiet start to the Friday session. Treasuries followed their slightly higher start in shorter tenors with some early backtracking that briefly pressured the complex into the red, but a bounce developed quickly, returning action to early highs just as the market received a weak preliminary reading of the University of Michigan's Consumer Sentiment for November (50.3; Briefing.com consensus 54.0). Shorter tenors displayed early strength and they remain ahead while the long bond lags, showing a modest loss.
• Yield Check:
  • 2-yr: -2 bps to 3.55%
  • 3-yr: -2 bps to 3.56%
  • 5-yr: -1 bp to 3.68%
  • 10-yr: UNCH at 4.09%
  • 30-yr: +1 bp to 4.70%