Bond Market Update

Short End Ahead

• Longer-dated Treasuries continue trading near their starting levels while shorter tenors outperform slightly, sitting on highs. Treasuries started the day with slight gains that were given up quickly, though the early pullback did not invite additional selling. Instead, the entire complex climbed past its early highs alongside a poor start in equities with the S&P 500 down 0.8% while the Nasdaq (-1.6%) underperforms.
• Yield Check:
  • 2-yr: -1 bp to 3.74%
  • 3-yr: -1 bp to 3.70%
  • 5-yr: -1 bp to 3.81%
  • 10-yr: UNCH at 4.30%
  • 30-yr: UNCH at 4.90%