Bond Market Update

Bid Maintained

• U.S. Treasuries have continued inching higher, repeating the price action seen yesterday. The lower open briefly lifted the 10-yr yield back above its 200-day moving average (4.221%), but the benchmark yield has slid back below that mark as Treasuries bounced. Meanwhile, the 2-yr yield is now on track to finish today's session just below its settlement level from April 4 when the 2-yr yield fell as low as 3.463%, briefly dipping past its 2024 low (3.494%). Equities have struggled to make headway with the S&P 500 (-0.1%) returning into the red after giving back its slim morning gain.
• Yield Check:
  • 2-yr: -3 bps to 3.65%
  • 3-yr: -4 bps to 3.64%
  • 5-yr: -4 bps to 3.77%
  • 10-yr: -4 bps to 4.17%
  • 30-yr: -4 bps to 4.65%