Bond Market Update

Opening Losses Recovered

• U.S. Treasuries have shown some early resilience, with all tenors making a run at their flat lines during the past hour. Treasuries held their modest starting losses in immediate reaction to today's data, which showed a welcome dip in jobless claims (to 202,000 from 211,000; Briefing.com consensus 215,000), and a widening in the trade deficit for February (to $57.3 billion from $54.7 billion; Briefing.com consensus -$55.8 billion), but the entire complex rallied strongly over the past hour. The bounce in Treasuries has coincided with equities climbing off their starting lows and a dip in the price of oil, though it remains north of $110/bbl.
• Yield Check:
  • 2-yr: UNCH at 3.80%
  • 3-yr: UNCH at 3.83%
  • 5-yr: -1 bp to 3.95%
  • 10-yr: UNCH at 4.32%
  • 30-yr: UNCH at 4.90%