Bond Market Update

Opening Losses Maintained

• U.S. Treasuries are hanging onto their early losses, which leaves action near levels seen at the start of the cash session. Treasuries followed their lower start with a quick extension of their losses in reaction to a weekly Initial Claims report (191,000; Briefing.com consensus 220,000) that featured the lowest number of weekly claims in nearly two years. The post-data dip lifted yields on 5s and longer tenors back to their highs from Tuesday, but that's where the market found some support, returning to its opening levels over the next 90 minutes. Equities are off to a subdued start with the S&P 500 shedding 0.1%.
• Yield Check:
  • 2-yr: +3 bps to 3.52%
  • 3-yr: +4 bps to 3.54%
  • 5-yr: +4 bps to 3.67%
  • 10-yr: +4 bps to 4.09%
  • 30-yr: +3 bps to 4.75%