Bond Market Update

Starting Gains Defended

• U.S. Treasuries trade a touch above their opening levels and a bit below their session highs after defending their opening gains. The market faced some brief pressure after its higher start, but action bounced once the 2-yr note approached its unchanged level. Economic data released today has been supportive of the early advance, as weekly jobless claims (219,000; Briefing.com consensus 217,000; prior 214,000) increased more than expected while the Philadelphia Fed Survey for February (18.1; Briefing.com consensus 20.5; prior 44.3) was not as strong as expected.
• Yield Check:
  • 2-yr: -1 bp to 4.26%
  • 3-yr: -2 bps to 4.27%
  • 5-yr: -3 bps to 4.34%
  • 10-yr: -3 bps to 4.51%
  • 30-yr: -2 bps to 4.74%