Bond Market Update

Long End Sees Renewed Pressure

• U.S. Treasuries have backpedaled from session highs that were reached right around 10:00 ET with longer tenors pacing the move. The long end underperformed from the start and it remains behind with the long bond slipping to a fresh low in recent trade. Other tenors have also backed down from their best levels, but the 2-yr note remains comfortably in the green at this time. Equities have been unable to escape selling pressure that produced a fresh low in the S&P 500 (-2.7%) during the past hour. Elsewhere, the greenback has climbed off its low, but the U.S. Dollar Index is still down 1.0%.
• Yield Check:
  • 2-yr: -5 bps to 3.75%
  • 3-yr: -4 bps to 4.76%
  • 5-yr: UNCH at 3.94%
  • 10-yr: +6 bps to 4.39%
  • 30-yr: +9 bps to 4.90%