Bond Market Update

Early Gains Narrowed

• U.S. Treasuries have dipped from their starting levels with 5s and shorter tenors now slightly lower for the day while 10s and 30s are hanging onto slim gains. The early dip from highs puts action right back at levels from Friday while equities are fighting to hold their early gains with the S&P 500 up just 0.1%. The market did not receive any data today, but July CPI (Briefing.com consensus 0.2%; prior 0.3%) and Core CPI (Briefing.com consensus 0.1%; prior 0.3%) will be reported tomorrow at 8:30 ET.
• Yield Check:
  • 2-yr: +1 bp to 3.77%
  • 3-yr: UNCH at 3.73%
  • 5-yr: UNCH at 3.83%
  • 10-yr: -1 bp to 4.27%
  • 30-yr: -2 bps to 4.83%