Bond Market Update

Losses Widened

• U.S. Treasuries have faced some additional pressure, which has sent shorter tenors into negative territory in recent trade while equities have fought to recover from a shaky start. With today's selling, the 10-yr yield is now up 16 basis points off yesterday's low, which marked a level not seen in the benchmark yield since late October. There have been some recent developments on the tariff front, starting with comments from Commerce Secretary Lutnick, who said that President Trump is leaning toward giving tariff relief to automakers for a month. More recently, President Trump said that he spoke with Canada's Prime Minister Trudeau, but he remains unsatisfied with Canada's efforts to stop the flow of fentanyl into the United States.
• Yield Check:
  • 2-yr: +1 bp to 3.97%
  • 3-yr: +2 bps to 3.97%
  • 5-yr: +5 bps to 4.05%
  • 10-yr: +6 bps to 4.27%
  • 30-yr: +5 bps to 4.57%