Bond Market Update

Trimming Early Losses

• U.S. Treasuries have trimmed their early losses with the short end back to unchanged while longer tenors remain slightly lower for the day. The market began rising off lows immediately after the open, but like yesterday, the early movement has been confined to a narrow range. The 10-yr yield has spent the first two hours of action inside a two-basis point range while equities are off to a modestly lower start with the S&P 500 (-0.1%) widening this week's loss to 0.5%.
• Yield Check:
  • 2-yr: UNCH at 3.46%
  • 3-yr: UNCH at 3.51%
  • 5-yr: +1 bp to 3.68%
  • 10-yr: +1 bp to 4.13%
  • 30-yr: +1 bp to 4.82%