Bond Market Update

Opening Range Maintained

• U.S. Treasuries have spent the first couple hours of trade in a sideways range near their starting levels. Longer tenors lagged at the start, and they remain behind while the short end is just slightly lower. The market held its ground in reaction to the Durable Orders report for February (0.9%; Briefing.com consensus -1.2%), which showed unexpected growth. Equities are off to a lower start with the Nasdaq (-1.2%) facing some renewed weakness while the S&P 500 (-0.4%) holds a slimmer loss.
• Yield Check:
  • 2-yr: +2 bps to 4.02%
  • 3-yr: +4 bps to 4.02%
  • 5-yr: +4 bps to 4.10%
  • 10-yr: +5 bps to 4.35%
  • 30-yr: +4 bps to 4.70%