Bond Market Update

Higher Start Sustained

• U.S. Treasuries have inched past their starting highs with longer tenors maintaining their early lead. Treasuries followed their modestly higher open with a quick dip from starting highs, but the selling interest was limited, resulting in a swift bounce. The long bond reached a fresh session high about 30 minutes ago while the 2-yr note has continued trading near its unchanged level ahead of today's $69 bln 2-yr note auction at 13:00 ET. Equities are off to a higher start with the S&P 500 (+0.4%) trading a couple steps behind the Russell 2000 (+0.6%).
• Yield Check:
  • 2-yr: UNCH at 3.60%
  • 3-yr: -1 bp to 3.66%
  • 5-yr: -2 bps to 3.82%
  • 10-yr: -3 bps to 4.21%
  • 30-yr: -4 bps to 4.79%