Bond Market Update

Comeback Effort

• Treasuries have had an active day of trading, also accounting for the overnight session. The 10-yr note yield has made two runs at 5.34% and got rejected each time.
• A sense that Treasuries are short-term oversold and due for a tactical bounce at least has helped facilitate the rebound effort in the face of higher oil prices and a batch of generally strong economic data today.
• WTI crude futures are up 1.6% to $91.83/bbl.
• Yield check:
  • 2-yr: -10 bps to 4.79%
  • 3-yr: -10 bps to 4.90%
  • 5-yr: -9 bps to 5.00%
  • 10-yr: -7 bps to 5.23%
  • 30-yr: -4 bps to 5.60%