Bond Market Update

Opening Weakness Reversed

• U.S. Treasuries trade mostly higher after a steady rise off their opening levels. The trading day started with losses in the 10-yr note and shorter tenors, but the entire complex began rising immediately, continuing its climb over the past two hours. Shorter tenors lagged in overnight action and they remain behind with the 2-yr yield returning to unchanged for the day with the market awaiting this afternoon's FOMC Statement and Fed Chairman Powell's press conference. Equities are off to a higher start with the S&P 500 (+0.5%) trimming this week's loss to 0.9%.
• Yield Check:
  • 2-yr: UNCH at 3.79%
  • 3-yr: UNCH at 3.76%
  • 5-yr: -1 bp to 3.89%
  • 10-yr: -2 bps to 4.29%
  • 30-yr: -4 bps to 4.77%