Bond Market Update

Rising off Lows

• U.S. Treasuries continue trading on a mostly lower note, though the past two hours have seen a steady rise off session lows. The rebound has coincided with a poor showing on the equity side, where the S&P 500 (-1.8%) was unable to sustain its bounce off opening lows, making a return to its 200-day moving average (5731). As for Treasuries, longer tenors paced the early selling, but the recent recovery effort has returned the 30-yr yield to its opening level of the day.
• Yield Check:
  • 2-yr: -2 bps to 3.97%
  • 3-yr: UNCH at 3.99%
  • 5-yr: +1 bp to 4.06%
  • 10-yr: +3 bps to 4.29%
  • 30-yr: +3 bps to 4.58%