Bond Market Update

Modest Losses Maintained

• U.S. Treasuries have climbed off their post-data lows, but the complex found some resistance near the unchanged level, leaving all tenors with slim losses. Once again, intraday action has been confined to a narrow range with the 10-yr yield bouncing between a low of 4.126% and a high of 4.153%. Equities, meanwhile, are seeing a continuation of this week's profit taking with the S&P 500 (-0.2%) trimming its 2025 gain to 17.0%. Keep in mind that the Treasury market will close in two hours.
• Yield Check:
  • 2-yr: +1 bp to 3.46%
  • 3-yr: UNCH at 3.51%
  • 5-yr: +1 bp to 3.69%
  • 10-yr: +1 bp to 4.14%
  • 30-yr: +1 bp to 4.82%