Bond Market Update

Inching Above Opening Levels

• U.S. Treasuries continue trading in the red, but they have risen above their opening levels. The market showed almost no reaction to today's initial batch of data, which included a larger-than-expected increase in jobless claims (to 242,000 from 220,000; Briefing.com consensus 220,000), an unrevised second reading of Q4 GDP (2.3%; Briefing.com consensus 2.3%), and strong Durable Orders growth in January (3.1%; Briefing.com consensus 1.8%), though orders ex-transportation (0.0%; Briefing.com consensus 0.4%) missed estimates. Treasuries slipped to fresh lows shortly before the open on Wall Street, but they have rallied past their starting levels alongside a weak early showing in equities.
• Yield Check:
  • 2-yr: +2 bps to 4.09%
  • 3-yr: +3 bps to 4.07%
  • 5-yr: +3 bps to 4.10%
  • 10-yr: +3 bps to 4.28%
  • 30-yr: +2 bps to 4.53%