Bond Market Update

Yields Up

• Treasury yields took a turn higher following this morning's better-than-feared employment report for May. Things have stabilized following the selling, yet yields across the curve remain near their highs of the morning.
• The 10-yr made an approach toward 4.50%, but only got as far as 4.48%. Separately, stocks have rallied on the report, heartened by its positive implications for the economy. That's not to say it pointed to a booming economy, but importantly, it did not point to a receding economy. The S&P 500 traded up to 6016.87 before pulling back. It was the first move above 6,000 since late February.
• Yield check:
  • 2-yr: +8 bps to 4.01%
  • 3-yr: +9 bps to 3.99%
  • 5-yr: +9 bps to 4.08%
  • 10-yr: +7 bps to 4.46%
  • 30-yr: +5 bps to 4.93%