Bond Market Update

Opening Advance Extended

• U.S. Treasuries trade on their highs after extending their opening gains. The market trimmed its opening gains during the first hour of action, but that move was followed by a quick extension to fresh highs for the day. Longer tenors have been at the forefront of the move while the short end is a bit behind. Economic data released today included an above-consensus Consumer Confidence index for July (97.2; Briefing.com consensus 95.5) and a decrease in job openings for June (to 7.437 million from 7.712 million). Equities are off to a slightly higher start with the Nasdaq (+0.2%) and S&P 500 (+0.1%) seeking fresh records.
• Yield Check:
  • 2-yr: -3 bps to 3.90%
  • 3-yr: -3 bps to 3.85%
  • 5-yr: -4 bps to 3.93%
  • 10-yr: -6 bps to 4.36%
  • 30-yr: -7 bps to 4.89%