Bond Market Update

Gains Extended

• U.S. Treasuries trade a touch above levels seen during our last update, but the overall pace of action has remained subdued. Treasuries overtook their morning highs about 90 minutes ago with the 5-yr note and shorter tenors remaining just below those highs while longer tenors are back at levels seen in mid-morning trade. Today's advance puts the 10-yr note and shorter tenors on track to finish February at fresh highs for the month. The 2-yr yield is now down 24 basis points for the month while the 10-yr yield is down 34 basis points since the end of January.
• Yield Check:
  • 2-yr: -8 bps to 4.00%
  • 3-yr: -8 bps to 3.98%
  • 5-yr: -8 bps to 4.02%
  • 10-yr: -5 bps to 4.23%
  • 30-yr: -3 bps to 4.53%