Bond Market Update

Longer Tenors Lead

• U.S. Treasuries trade on their highs after a steady extension of their opening gains. The market started the session on a slightly higher note, but there was follow-through buying interest shortly after the start, sending longer tenors past their highs from Friday while shorter tenors trade a bit below their best levels from the end of last week. The market did not receive any data this morning while the equity market opened on a modestly higher note with the S&P 500 (+0.1%) rising despite early losses in eight sectors.
• Yield Check:
  • 2-yr: -2 bps to 3.49%
  • 3-yr: -2 bps to 3.46%
  • 5-yr: -2 bps to 3.56%
  • 10-yr: -4 bps to 4.05%
  • 30-yr: -6 bps to 4.71%