Bond Market Update

Gains Narrowed

• U.S. Treasuries have continued backpedaling from highs that were notched in morning trade with shorter tenors back to unchanged for the day while longer tenors remain modestly higher. The steady backtracking has taken place alongside a rebound in equities, which has helped the S&P 500 narrow its loss to 0.4%, though the index is still down 6.6% for the month. As for Treasuries, the 10-yr yield is up one basis point for the month while the 2-yr yield is down nine basis points since the end of February.
• Yield Check:
  • 2-yr: UNCH at 3.91%
  • 3-yr: UNCH at 3.90%
  • 5-yr: -1 bp to 3.98%
  • 10-yr: -1 bp to 4.24%
  • 30-yr: -2 bps to 4.61%