Bond Market Update

Long End Remains Ahead

• U.S. Treasuries have continued their bounce off morning lows with the long bond seeing a continuation of its relative strength. That strength has pressured the 30-yr yield back toward its 50-day moving average (4.925%) while the 10-yr yield is back below the 50-day moving average of its own (4.410%) after opening weakness drove it to a one-week high just shy of 4.450%. Shorter tenors have also risen off their lows, but the 2-yr yield is still firmly higher for the day.
• Yield Check:
  • 2-yr: +4 bps to 3.92%
  • 3-yr: +4 bps to 3.87%
  • 5-yr: +3 bps to 3.96%
  • 10-yr: +1 bp to 4.40%
  • 30-yr: -1 bp to 4.94%