Bond Market Update

Pullback Deepens

• U.S. Treasuries have continued backpedaling from highs that were reached about an hour after the start of the cash session. Today's opening advance pressured the 10-yr yield back to its March low (4.11%), but the ensuing pullback has lifted the benchmark yield back to its 200-day moving average (4.22%). Equities have continued their rebound off opening lows with the S&P 500 now up 0.5% for the day and up 1.5% for the week.
• Yield Check:
  • 2-yr: +6 bps to 3.92%
  • 3-yr: +5 bps to 3.90%
  • 5-yr: +6 bps to 3.97%
  • 10-yr: +6 bps to 4.21%
  • 30-yr: +5 bps to 4.57%