Bond Market Update

Opening Losses Maintained

• U.S. Treasuries remain in negative territory even though the PPI report for February (0.0%; Briefing.com consensus 0.3%) was cooler than expected. The market's reaction to the report was similar to what was seen after yesterday's release of the CPI report, as Treasuries briefly rallied into positive territory before sliding back to levels seen at the cash open. Equities are off to a soft start with the Nasdaq (-1.1%) leading the S&P 500 (-0.5%) lower.
• Yield Check:
  • 2-yr: +1 bp to 4.00%
  • 3-yr: +1 bp to 4.00%
  • 5-yr: +2 bps to 4.10%
  • 10-yr: +2 bps to 4.34%
  • 30-yr: +3 bps to 4.66%