Bond Market Update

Opening Range Revisited

• U.S. Treasuries have backed down from their morning highs, returning yields to levels seen at the start of today's cash session. Today's initial strength nudged the 10-yr yield below its 50-day moving average (4.478%) to a level not seen since December 18 before recent selling returned the benchmark yield above its 50-day average. The 2-yr yield, meanwhile, briefly climbed above the 50-day average of its own (4.256%) before slipping back below that mark. Equities remain in the red with the S&P 500 (-0.8%) outperforming the Nasdaq (-1.3%).
• Yield Check:
  • 2-yr: UNCH at 4.24%
  • 3-yr: -1 bp to 4.27%
  • 5-yr: -4 bps to 4.33%
  • 10-yr: -6 bps to 4.51%
  • 30-yr: -7 bps to 4.74%