Bond Market Update

Gains Trimmed

• U.S. Treasuries have backed down from session highs that were reached in reaction to the below-consensus Employment Situation report for February. The recent pullback has returned action to levels seen just ahead of the report's release with the 10-yr yield rising back above its 200-day moving average (4.235%). Equities are off to a flat start with limited early dip buying interest after this week's slide, which has the S&P 500 (-0.1%) down 3.7% since Friday and back at the 200-day moving average (5733) of its own.
• Yield Check:
  • 2-yr: -4 bps to 3.93%
  • 3-yr: -4 bps to 3.94%
  • 5-yr: -5 bps to 4.01%
  • 10-yr: -4 bps to 4.25%
  • 30-yr: -2 bps to 4.56%