Bond Market Update

Finding Support

• Treasuries have weakened on some renewed selling interest that took the yield on the 10-yr note and 30-yr bond back to 4.50% and 5.00%, respectively, where they ran into resistance.
• There wasn't a specific news catalyst to account for the stepped-up selling interest in what has been a fickle market.
• At 4.50%, the 10-yr note yield was up 50 basis points from its April low, but notably it was down seven basis points since the start of the year.
• Yield check:
  • 2-yr: +2 bps to 3.98%
  • 3-yr: +4 bps to 3.96%
  • 5-yr: +5 bps to 4.07%
  • 10-yr: +6 bps to 4.49%
  • 30-yr: +5 bps to 4.99%