Bond Market Update

Longer Tenors Behind

• U.S. Treasuries trade on their lows after a steady slide from their opening levels. The market started the day in flat fashion, but longer tenors began retreating after the cash start while the rest of the complex followed. The 2-yr note has shown some relative strength, but it too trades on its low, pushing its yield to 4.85%. On the long end, the 30-yr yield has marked a fresh 2026 high of 5.696% while the 10-yr yield is on the verge of setting a fresh 2026 high of its own. Today's weakness in Treasuries has not stopped the S&P 500 (+0.6%) from pushing toward its record high, suggesting some optimism about the looming Q3 earnings season.
• Yield Check:
  • 2-yr: +3 bps to 4.85%
  • 3-yr: +3 bps to 4.99%
  • 5-yr: +4 bps to 5.10%
  • 10-yr: +7 bps to 5.34%
  • 30-yr: +7 bps to 5.70%