Bond Market Update

Gains Extended

• U.S. Treasuries trade on their highs with the 5-yr note maintaining its lead. Intraday action has seen a steady ramp higher, though the pace of the move has been kept in check. The steady push has the 5-yr yield (3.701%) nearing its 50-day moving average (3.687%) while the 2-yr yield (3.453%) sits just above its December low with its 2025 low from October (3.378%) looming not far away. Equities have sustained their strong start with the S&P 500 remaining up 0.8%.
• Yield Check:
  • 2-yr: -3 bps to 3.45%
  • 3-yr: -3 bps to 3.52%
  • 5-yr: -4 bps to 3.70%
  • 10-yr: -3 bps to 4.16%
  • 30-yr: -2 bps to 4.84%