Bond Market Update

Opening Gains Reversed

• U.S. Treasuries trade on their lows after retreating from their opening levels. The trading day started with modest gains across the curve that were defended after the market received the Personal Income/Outlays report for August, which showed ongoing strength in income and spending, but also pointed to ongoing sticky inflation. Treasuries spent the past hour in a slide to lows, retreating alongside an opening advance in equities with the S&P 500 (+0.5%) now down just 0.4% for the week.
• Yield Check:
  • 2-yr: UNCH at 3.66%
  • 3-yr: UNCH at 3.66%
  • 5-yr: +1 bp to 3.77%
  • 10-yr: +1 bp to 4.18%
  • 30-yr: UNCH at 4.75%