Bond Market Update

Opening Losses Maintained

• U.S. Treasuries hover just below their starting levels after a sideways start to the day. Treasuries slipped out of the gate before nestling into a sideways range that has been in effect for the past two hours. The long bond trades a bit behind other tenors after outperforming yesterday, lifting its yield back above its 50-day moving average (4.924%). Treasuries dipped back to their early lows in recent action even though the Existing Home Sales report for June (3.93 mln; Briefing.com consensus 4.00 mln) missed expectations, but showed continued growth in home prices.
• Yield Check:
  • 2-yr: +3 bps to 3.86%
  • 3-yr: +3 bps to 3.81%
  • 5-yr: +4 bps to 3.92%
  • 10-yr: +5 bps to 4.38%
  • 30-yr: +5 bps to 4.95%