Bond Market Update

Long End Bounce Extended

• Longer-dated U.S. Treasuries have seen an extension of their bounce off opening lows with the 10-yr note pacing the advance after lagging in earlier action. The market has stayed on a steady upward path through today's session while equities are struggling to hold onto their gains amid a Bloomberg report that there has been little progress in trade negotiations between the United States and the European Union and that the EU expects most tariffs to remain in place. The advance in Treasuries has pressured the 10-yr yield back below its 50-day moving average (4.332%) back to its opening level from Thursday, meaning the 10-yr yield is now down 27 basis points from Friday's intraday high.
• Yield Check:
  • 2-yr: UNCH at 3.83%
  • 3-yr: -3 bps to 3.83%
  • 5-yr: -4 bps to 3.96%
  • 10-yr: -5 bps to 4.32%
  • 30-yr: -3 bps to 4.77%