Bond Market Update

Higher Start Sustained

• U.S. Treasuries trade just above their starting levels after defending their slim opening gains with some help from the November PPI report, which showed in-line growth at the headline level (0.2%) while core PPI was unchanged (Briefing.com consensus 0.2%) against expectations for an increase. The market also received the Retail Sales report for November (0.6%; Briefing.com consensus 0.4%), which beat expectations. On a side note, today's Supreme Court opinion release will not pertain to tariffs.
• Yield Check:
  • 2-yr: -1 bp to 3.52%
  • 3-yr: -2 bps to 3.57%
  • 5-yr: -1 bp to 3.73%
  • 10-yr: -2 bps to 4.15%
  • 30-yr: -2 bps to 4.81%