Bond Market Update

Opening Range Maintained

• U.S. Treasuries have spent the initial two hours of action in a mostly sideways range with a slight upward bias. The market notched lows immediately at the start, followed by a slow rise above the day's opening levels. The past few minutes have seen some light backtracking as the market received the prepared remarks from today's testimony that Fed Chairman Powell is giving to the Senate Banking Committee. In those remarks, the Fed Chairman said there is no hurry to adjust the policy stance, repeating comments made at the conclusion of the January FOMC policy meeting. Equities are facing some early pressure with the S&P 500 down 0.3%.
• Yield Check:
  • 2-yr: +2 bps to 4.29%
  • 3-yr: +3 bps to 4.32%
  • 5-yr: +4 bps to 4.38%
  • 10-yr: +4 bps to 4.54%
  • 30-yr: +3 bps to 4.75%