Bond Market Update

Q2 GDP Revision Weighs on Front End

• U.S. Treasuries have had a mixed showing through the first two hours of action with the 2-yr note seeing some additional pressure after Q2 GDP was revised up to 3.3% from 3.0% while longer tenors have shown early resilience, turning positive in recent trade. Altogether, the early movement has been limited with the 10-yr yield staying inside a three-basis point range. Equities are off to a flat start with the S&P 500 (-0.1%) showing a slight loss while the Nasdaq hovers just above its flat line.
• Yield Check:
  • 2-yr: +2 bps to 3.64%
  • 3-yr: +1 bp to 3.60%
  • 5-yr: +1 bp to 3.71%
  • 10-yr: -1 bp to 4.23%
  • 30-yr: -1 bp to 4.90%