Bond Market Update

Sideways Range in Early Trade

• U.S. Treasuries trade just below their starting levels after a quiet start to the Monday session. The market faced some pressure during the initial 90 minutes of action, but recent trade has seen a return to today's opening levels. The bounce off opening lows has returned the 10-yr yield back below its 50-day moving average (4.405%) while the 5-yr yield marked a high just north of the 50-day moving average of its own (3.980%) before the recent bounce. Equities are off to a modestly higher start with the Nasdaq (+0.4%) leading the S&P 500 (+0.1%).
• Yield Check:
  • 2-yr: +1 bp to 3.93%
  • 3-yr: +2 bps to 3.88%
  • 5-yr: +2 bps to 3.97%
  • 10-yr: +2 bps to 4.40%
  • 30-yr: +2 bps to 4.95%