Bond Market Update

Opening Advance Sustained

• U.S. Treasuries trade at their best levels of the morning with longer tenors showing a continuation of their early strength. Treasuries followed their firmly higher start with some backtracking during the initial hour of trade, but the dip was bought quickly, lifting action past today's opening highs. The market is holding near freshly-set highs even though the Pending Home Sales report for August (4.0%; Briefing.com consensus 0.4%; prior -0.3%) was much stronger than expected. Equities are off to a mostly higher start with the Nasdaq (+0.9%) outpacing the S&P 500 (+0.5%) while the Dow (-0.1%) lags.
• Yield Check:
  • 2-yr: -2 bps to 3.63%
  • 3-yr: -3 bps to 3.63%
  • 5-yr: -3 bps to 3.74%
  • 10-yr: -4 bps to 4.15%
  • 30-yr: -5 bps to 4.72%