Bond Market Update

Fresh Highs Set

• Recent action saw the Treasury complex rise past its opening highs with longer tenors remaining slightly ahead. Treasuries backed down from their starting highs in early trade, but found support once the 10-yr note approached its closing level from Friday. The rest of the morning saw a slow rise off lows that was followed by a recent push to fresh highs for the day. Equities, meanwhile, have remained inside a narrow range with the S&P 500 (+0.1%) hanging onto a slim gain.
• Yield Check:
  • 2-yr: -1 bp to 3.75%
  • 3-yr: -2 bps to 3.71%
  • 5-yr: -2 bps to 3.81%
  • 10-yr: -2 bps to 4.26%
  • 30-yr: -3 bps to 4.83%