Bond Market Update

Opening Range Maintained

• U.S. Treasuries remain near their opening levels after a sideways start to the cash session. Treasuries opened the day just below yesterday's closing levels, followed by an uptick that lifted action toward yesterday's highs. Shorter tenors trade a bit ahead while the long end is slightly lower, though the overall trading range has been narrow so far. Equities are off to a mixed start with the Nasdaq (+0.1%) looking to bounce from yesterday's weakness while the S&P 500 (-0.4%) underperforms.
• Yield Check:
  • 2-yr: -1 bp to 3.89%
  • 3-yr: -1 bp to 3.89%
  • 5-yr: UNCH at 3.97%
  • 10-yr: UNCH at 4.22%
  • 30-yr: +1 bp to 4.54%