Bond Market Update

Lower Yields

• Treasury yields remain on their lower track but haven't seen much change in the cash session. The bulk of today's moves came overnight in what was a predominantly safe-haven trade.
• Central bank news is a separate spotlight issue this week. The Bank of Japan held rates steady at 0.50% on Monday, Sweden's Riksbank cut rates by 25 basis points today to 2.00%, the Fed will be holding rates steady at 4.25-4.50% at today's FOMC meeting, and the Bank of England will be meeting tomorrow, with no change expected for its policy rate of 4.25%.
• Stocks are trading with a positive bias today, notwithstanding the uneasy geopolitical situation. The S&P 500 is up 0.5%.
• The U.S. Dollar Index is down 0.1% to 98.69.
• Yield check:
  • 2-yr: -2 bps to 3.93%
  • 3-yr: -3 bps to 3.87%
  • 5-yr: -2 bps to 3.96%
  • 10-yr: -3 bps to 4.36%
  • 30-yr: -3 bps to 4.86%