Bond Market Update

Modest Gains in Early Action

• U.S. Treasuries hold modest gains after rising off their opening lows. The market started the day in generally flat fashion with some relative strength up front. The entire complex rose through the initial 30 minutes of action while recent trade has seen a sideways drift just below highs. Today's lone economic datapoint, the Empire State Manufacturing survey fell to -8.7 in September (Briefing.com consensus 3.0) from 11.9 in August. Equities have started the day on a solid note with the Nasdaq (+0.7%) leading the S&P 500 (+0.4%).
• Yield Check:
  • 2-yr: -3 bps to 3.53%
  • 3-yr: -3 bps to 3.50%
  • 5-yr: -2 bps to 3.61%
  • 10-yr: -2 bps to 4.05%
  • 30-yr: -2 bps to 4.66%