Bond Market Update

Opening Rally Finds Resistance

• U.S. Treasuries have dipped from their starting highs, pressuring the front end into negative territory while longer tenors remain slightly higher for the day. The pullback from highs began taking shape immediately after the cash start with the market finding support during the past 30 minutes as equities stumbled out of the gate. The S&P 500 is down 0.6% in the early going while the Nasdaq (-1.1%) underperforms.
• Yield Check:
  • 2-yr: +1 bp to 3.42%
  • 3-yr: UNCH at 3.45%
  • 5-yr: UNCH at 3.61%
  • 10-yr: -1 bp to 4.05%
  • 30-yr: -2 bps to 4.68%