Bond Market Update

Losses Extended

• U.S. Treasuries have added to their early losses, lifting yields on most tenors past their highs from Friday. The long bond has been at the forefront of today's weakness, sending its yield past its 50-day (4.796%) and 200-day (4.800%) moving averages to a one-month high. The 10-yr yield has also reached its highest level in a month with its 200-day moving average (4.198%) looming above. Treasuries added to their starting losses after the release of an in-line CPI report for February (0.3%; Briefing.com consensus 0.3%), holding at their lows after the IEA recently confirmed an agreement for an emergency release of 400 million barrels of oil from its 32 member states. Equities are off to a slightly higher start in the S&P 500 (+0.1%) with relative strength in the Nasdaq (-0.4%).
• Yield Check:
  • 2-yr: +6 bps to 3.63%
  • 3-yr: +5 bps to 3.64%
  • 5-yr: +5 bps to 3.77%
  • 10-yr: +5 bps to 4.19%
  • 30-yr: +6 bps to 4.83%