Bond Market Update

Pushing Higher

• U.S. Treasuries trade on their highs after overcoming some early softness. The trading day started with slim gains in most tenors and a slight loss in the 30-yr bond, but the entire complex started seeing a bid shortly after the open. Treasuries climbed past their opening highs during the past few minutes with shorter tenors leading the move, though the long end is also now in positive territory. The push to highs took place just as the market received a disappointing Consumer Confidence report for September (94.2; Briefing.com consensus 96.0; prior 97.8) and a Job Openings and Labor Turnover Survey, which showed that job openings in August increased to 7.227 million from 7.208 million in July.
• Yield Check:
  • 2-yr: -4 bps to 3.59%
  • 3-yr: -4 bps to 3.59%
  • 5-yr: -4 bps to 3.70%
  • 10-yr: -3 bps to 4.11%
  • 30-yr: -2 bps to 4.68%