Bond Market Update

Longer Tenors Show Resilience

• Longer-dated Treasuries are back at their best levels of the session while shorter tenors have also climbed off their morning lows, but they remain a bit below their starting levels. Treasuries reached lows around 10:30 ET as the market reacted to generally positive economic data, headlined by the strongest reading of the ISM Non-Manufacturing Index (54.4%) of 2025. The bounce from late morning highs has been paced by the long bond, which has climbed past its opening high, pressuring its yield toward its 200-day moving average (4.796%).
• Yield Check:
  • 2-yr: -2 bps to 3.46%
  • 3-yr: -3 bps to 3.51%
  • 5-yr: -3 bps to 3.69%
  • 10-yr: -5 bps to 4.13%
  • 30-yr: -6 bps to 4.81%