Bond Market Update

Inching Off Lows

• U.S. Treasuries trade at their best levels of the cash session after a steady rise over the past hour. The 5-yr note and longer tenors followed their lower start with a slip to fresh lows, but the 2-yr note resisted the pressure, and led the bounce that was eventually visible across all tenors. The 2-yr note has inched into positive territory since the cash start while 10s and 30s remain modestly lower. Equities have gotten off to a higher start with the S&P 500 (+0.2%) trailing the Nasdaq (+0.4%).
• Yield Check:
  • 2-yr: UNCH at 3.57%
  • 3-yr: UNCH at 3.55%
  • 5-yr: +1 bp to 3.67%
  • 10-yr: +1 bp to 4.12%
  • 30-yr: +1 bp to 4.73%