Bond Market Update

Longer Tenors on Lows

• Longer-dated Treasuries trade just above lows that were reached in immediate reaction to the news that the Supreme Court ruled against President Trump's tariff policy while shorter tenors hover a bit closer to the midpoint of today's range. All in all, the market's reaction to the news was not too aggressive, suggesting that the ruling was largely priced in with a likely expectation that the administration will attempt to restore some tariffs using other avenues. Equities are tracking a higher finish to the week with the S&P 500 (+0.4%) now up 0.7% since last Friday.
• Yield Check:
  • 2-yr: +1 bp to 3.48%
  • 3-yr: +1 bp to 3.51%
  • 5-yr: +1 bp to 3.66%
  • 10-yr: +2 bps to 4.10%
  • 30-yr: +4 bps to 4.74%