Bond Market Update

Early Gains Maintained

• U.S. Treasuries remain near their starting levels after spending the first 90 minutes of action in a sideways range. The 10-yr note and shorter tenors hold slim gains while the long bond underperforms slightly, sitting on its unchanged level. Equities have gotten off to an upbeat start with the S&P 500 (+0.7%) returning to unchanged for January after yesterday's dive. The overall sentiment has improved a bit after President Trump said during his speech at the World Economic Forum that while the U.S. is seeking to acquire Greenland, he does not indent to use military force.
• Yield Check:
  • 2-yr: -1 bp to 3.59%
  • 3-yr: -2 bps to 3.66%
  • 5-yr: -1 bp to 3.85%
  • 10-yr: -1 bp to 4.29%
  • 30-yr: UNCH at 4.92%