Bond Market Update

Higher Start Reversed

• U.S. Treasuries trade on their lows after coughing up their early gains in immediate reaction to an upbeat jobless claims report that showed only the second sub-200,000 total in initial claims (199,000) this year. Treasuries slipped as the market received this morning's lone economic report with the 5-yr note leading to the downside, though only by a slight margin. The early selling has lifted yields on longer tenors to fresh highs for the week with the 5-yr yield rising back above its 50-day moving average (3.680%) after starting the session just below that mark.
• Yield Check:
  • 2-yr: +2 bps to 3.47%
  • 3-yr: +2 bps to 3.53%
  • 5-yr: +2 bps to 3.70%
  • 10-yr: +2 bps to 4.15%
  • 30-yr: +2 bps to 4.83%