Bond Market Update

Short End Bounces

• Longer-dated Treasuries remain in negative territory while the short end is now positive, but the entire complex has climbed off levels seen at the cash open. Treasuries began rising off their starting levels, extending their bounce after today's initial batch of data featured a slight upward revision to Q4 GDP (to 2.4% from 2.3%; Briefing.com consensus 2.3%) and a small downtick in weekly jobless claims (to 224,000 from 225,000; Briefing.com consensus 225,000). Equities are off to a modestly lower start with the S&P 500 (-0.2%) widening its March loss to 4.2%.
• Yield Check:
  • 2-yr: -2 bps to 3.99%
  • 3-yr: -1 bp to 3.99%
  • 5-yr: +1 bp to 4.09%
  • 10-yr: +3 bps to 4.36%
  • 30-yr: +4 bps to 4.72%