Bond Market Update

Early Losses Narrowed

• U.S. Treasuries have reclaimed a portion of their opening losses, but they are still modestly lower for the day. Treasuries followed their modestly lower start with a sideways opening hour of trade before rising above their opening levels with the long end showing some relative strength, though the overall action has been confined to a narrow range so far. Equities started the day in mixed fashion with the S&P 500 (-0.1%) and Nasdaq (-0.3%) facing some pressure while the Dow (+0.4%) and Russell 2000 (+0.6%) outperform.
• Yield Check:
  • 2-yr: +2 bps to 3.50%
  • 3-yr: +2 bps to 3.54%
  • 5-yr: +1 bp to 3.70%
  • 10-yr: +1 bp to 4.16%
  • 30-yr: +1 bp to 4.83%