Bond Market Update

Long End Behind

• Recent action has seen some more pressure on longer tenors while the 2-yr note remains just above its opening level of the day. Intraday action has unfolded in slow fashion ahead of today's early closure. The pullback from highs has returned the 10-yr yield to its 50-day moving average (4.325%), though even with today's uptick, the benchmark yield is still down 18 basis points for the week.
• Yield Check:
  • 2-yr: -1 bp to 3.78%
  • 3-yr: -1 bp to 3.78%
  • 5-yr: +1 bp to 3.92%
  • 10-yr: +4 bps to 4.32%
  • 30-yr: +5 bps to 4.80%