Bond Market Update

Early Gains Padded

• U.S. Treasuries have maintained their early gains with issues in the belly showing relative strength. The entire complex faced some light selling pressure after the higher open, but the shallow pullback never gained traction. As a result, Treasuries have inched back above their opening highs while equities have started the day in weak fashion with the Nasdaq (-2.7%) pacing the early selling amid growing concerns about a potential recession.
• Yield Check:
  • 2-yr: -9 bps to 3.91%
  • 3-yr: -9 bps to 3.92%
  • 5-yr: -11 bp to 3.99%
  • 10-yr: -10 bps to 4.22%
  • 30-yr: -9 bps to 4.53%