Bond Market Update

Opening Weakness Reversed

• U.S. Treasuries hold modest gains after overcoming their lower start for the second consecutive day. Like yesterday, the market opened in the red with some light early pressure following the lower start, but the entire complex bounced quickly, and it now trades higher. Treasuries reached their best levels as the market received the most recent batch of data, which included a below-consensus Consumer Confidence Index for April (86.0; Briefing.com consensus 88.3) and a decrease in job openings for March (to 7.192 mln from 7.480 mln). Equities are off to a slightly higher start with the S&P 500 (+0.1%) and Nasdaq (+0.1%) showing comparable gains.
• Yield Check:
  • 2-yr: -1 bp to 3.67%
  • 3-yr: -1 bp to 3.67%
  • 5-yr: -2 bps to 3.80%
  • 10-yr: -2 bps to 4.20%
  • 30-yr: -2 bps to 4.68%