Bond Market Update

Opening Range Maintained

• U.S. Treasuries hover near their opening levels with longer tenors remaining slightly behind. Economic data released this morning showed a larger-than-expected increase in February Housing Starts (1.501 mln; Briefing.com consensus 1.385 mln) while a more recent batch of data also showed above-consensus growth in Industrial Production (0.7%; Briefing.com consensus 0.2%) in February. However, the impact on the Treasury market has been limited. Equities are off to a lower start with the Nasdaq (-1.1%) trading behind the S&P 500 (-0.5%).
• Yield Check:
  • 2-yr: UNCH at 4.05%
  • 3-yr: UNCH at 4.03%
  • 5-yr: UNCH at 4.10%
  • 10-yr: +1 bp to 4.32%
  • 30-yr: +2 bps to 4.62%