Bond Market Update

Sideways Range Maintained

• U.S. Treasuries are hanging onto slim gains, making for a continuation of a sideways drift near the day's starting levels. The Monday session has been very quiet with Treasuries defending their starting gains, which is keeping the 10-yr yield inside a two-basis point range. Today's higher start pressured the 5-yr yield back below its 50-day moving average (3.676%), where it remains at this time. Equities have extended their losses with the S&P 500 now down 0.5%.
• Yield Check:
  • 2-yr: -2 bps to 3.46%
  • 3-yr: -2 bps to 3.51%
  • 5-yr: -2 bps to 3.68%
  • 10-yr: -2 bps to 4.12%
  • 30-yr: -2 bps to 4.81%