Bond Market Update

Early Losses Widened

• U.S. Treasuries of most tenors have dipped below their starting levels while the long bond outperforms a bit. However, the early range has been very narrow. There was a brief rise to highs about an hour after the start, but renewed pressure sent most tenors back to lows just as the market received a better-than-expected Consumer Confidence report for February (91.2; Briefing.com consensus 86.0; prior 89.0). Equities are off to a higher start with the S&P 500 (+0.6%) reclaiming some of yesterday's loss. Technology stocks (+1.4%) are seeing some early strength while financials (-0.2%) are mixed amid recent focus on the group.
• Yield Check:
  • 2-yr: +3 bps to 3.47%
  • 3-yr: +2 bps to 3.45%
  • 5-yr: +3 bps to 3.61%
  • 10-yr: +2 bps to 4.04%
  • 30-yr: UNCH at 4.69%