Bond Market Update

Early Losses Narrowed

• U.S. Treasuries trade a bit above their starting levels after a sideways start to the Monday session. Treasuries notched session lows at the start, followed by an immediate push above their starting levels with the long bond leading the way despite its early underperformance. The 2-yr note, meanwhile, is little changed from its starting mark. Investors did not receive any data today, but the U.S. Treasury will hold two note auctions with the $58 bln 3-yr note sale set to be completed in just over an hour. The offering will be followed by a $39 bln 10-yr note auction at 13:00 ET. Equities hold slim losses in the early going with the S&P 500 dipping 0.1%.
• Yield Check:
  • 2-yr: UNCH at 3.54%
  • 3-yr: UNCH at 3.60%
  • 5-yr: +1 bp to 3.76%
  • 10-yr: +2 bps to 4.19%
  • 30-yr: +3 bps to 4.85%