Bond Market Update

Waiting on FOMC

• Recent action saw some light pressure across the curve that sent the 10-yr note and shorter tenors to fresh lows for the day while the long bond also slipped to a fresh low, but quickly returned to levels seen in morning trade. All in all, the overall pace of the action has been subdued as of late as the market awaits the 14:00 ET release of the FOMC Statement and Fed Chairman Powell's subsequent press conference at 14:30 ET. Not much has changed on the equity side with the S&P 500 (-0.2%) remaining a bit ahead of the Nasdaq (-0.5%).
• Yield Check:
  • 2-yr: +2 bps to 3.53%
  • 3-yr: +3 bps to 3.50%
  • 5-yr: +3 bps to 3.61%
  • 10-yr: +1 bp to 4.04%
  • 30-yr: -1 bp to 4.64%