Bond Market Update

10-Yr Yield Nears November Low

• U.S. Treasuries trade on their highs after a steady extension of their starting gains. The market's higher start faced a brief pullback attempt in early morning trade, but a poor first-half showing from the stock market has helped ensure a steady bid. That bid has sent yields on the 5-yr note and the 10-yr note past last week's lows toward their lows from November (5-yr: 3.553%; 10-yr: 3.988%) amid a sudden spotlight on asset managers in general, due to worries about liquidity in private equity funds that have large exposure to data center and software debt.
• Yield Check:
  • 2-yr: -4 bps to 3.44%
  • 3-yr: -5 bps to 3.45%
  • 5-yr: -7 bps to 3.58%
  • 10-yr: -6 bps to 4.03%
  • 30-yr: -4 bps to 4.69%