Bond Market Update

Opening Losses Reversed

• U.S. Treasuries trade on their highs after a steady rise off their opening levels. The trading day began with losses across the curve that briefly lifted yields on 10s and shorter tenors to fresh highs for the month before a steady bounce that has continued through the first two hours of action. The market received the Q3 Employment Cost Index (actual 0.8%; Briefing.com consensus 0.9%) this morning, which showed a smaller than expected increase. Equities are off to a flat start with the S&P 500 hovering just below its flat line as the market awaits today's FOMC Statement at 14:00 ET.
• Yield Check:
  • 2-yr: -1 bp to 3.60%
  • 3-yr: -1 bp to 3.64%
  • 5-yr: -1 bp to 3.77%
  • 10-yr: -2 bps to 4.17%
  • 30-yr: -2 bps to 4.79%