Bond Market Update

Opening Gains Trimmed

• U.S. Treasuries trade just below their opening levels after dipping from session highs that were reached about an hour after the cash start. The market added to its initial gains after this morning's initial batch of data, which showed a small uptick in weekly jobless claims (to 223,000 from 221,000; Briefing.com consensus 220,000) and a better-than-expected Philadelphia Fed Survey (12.5; Briefing.com consensus 10.0) for March. Treasuries reversed from highs as equities opened in the green, reaching lows after the release of a stronger-than-expected Existing Home Sales report for February (4.26 mln; Briefing.com consensus 3.95 mln).
• Yield Check:
  • 2-yr: -3 bps to 3.95%
  • 3-yr: -3 bps to 3.93%
  • 5-yr: -4 bps to 3.99%
  • 10-yr: -5 bps to 4.21%
  • 30-yr: -5 bps to 4.52%