Bond Market Update

Opening Losses Narrowed

• U.S. Treasuries have risen off their opening levels, but the entire complex remains in negative territory with shorter tenors showing continued relative weakness. The long bond, meanwhile, has been at the forefront of the rebound off early lows, pressuring its yield back to its high from Friday. Equities are off to a sharply higher start with the S&P 500 (+2.8%) extending its May gain to 4.5%.
• Yield Check:
  • 2-yr: +11 bps to 3.99%
  • 3-yr: +12 bps to 3.98%
  • 5-yr: +11 bps to 4.10%
  • 10-yr: +7 bps to 4.44%
  • 30-yr: +3 bps to 4.87%