Bond Market Update

Early Losses Widened

• U.S. Treasuries trade on their lows after extending their starting losses. The market faced additional pressure immediately after the cash start with some brief support after reaching their closing levels from Thursday. However, the market widened its losses in recent trade, hitting lows just as the market received a strong ISM Manufacturing Index for February (52.4%; Briefing.com consensus 52.1%). Equities are off to a modestly lower start with the S&P 500 (-0.3%) trailing the Russell 2000 (-0.9%).
• Yield Check:
  • 2-yr: +9 bps to 3.47%
  • 3-yr: +9 bps to 3.47%
  • 5-yr: +9 bps to 3.60%
  • 10-yr: +7 bps to 4.04%
  • 30-yr: +5 bps to 4.69%