Bond Market Update

Pushing Higher

• U.S. Treasuries have added to their starting gains with the long bond showing some relative strength over the past two hours, which is a welcome development for the market that has been fretting about yields on longer tenors getting unanchored. The market did not receive any data today and tomorrow's economic news will be limited to March Import/Export Prices and the Empire State Manufacturing Survey for April. Equities are off to a higher start with the S&P 500 (+1.3%) trimming its April loss to 3.1%.
• Yield Check:
  • 2-yr: -5 bps to 3.90%
  • 3-yr: -7 bps to 3.93%
  • 5-yr: -8 bps to 4.08%
  • 10-yr: -8 bps to 4.42%
  • 30-yr: -5 bps to 4.82%