Bond Market Update

Resilience on Display

• U.S. Treasuries have risen off their early lows with the short end leading the way while the long bond has also climbed off its starting level, but it remains modestly lower at this juncture. The rebound began taking shape shortly after the cash start with the 10-yr note returning to unchanged after the release of a weak Consumer Confidence Index for January (84.5; Briefing.com consensus 90.0). Equities are off to a mixed start with the S&P 500 (+0.4%) and Nasdaq (+0.8%) trading higher while the Dow (-1.0%) lags.
• Yield Check:
  • 2-yr: -2 bps to 3.57%
  • 3-yr: -1 bp to 3.64%
  • 5-yr: -1 bp to 3.81%
  • 10-yr: UNCH at 4.21%
  • 30-yr: +1 bp to 4.82%