Bond Market Update

Rebound Sustained

• U.S. Treasuries have dipped from their morning highs, though the pullback has slowed well before the market returned to yesterday's closing levels. This leaves all tenors with modest gains and yields sitting at or near their lowest levels of the week. The 10-yr yield is down one basis point at 4.31%, down 13 basis points from Friday's settlement, while the 2-yr yield is also down 13 basis points since Friday. The market is setting up for an unusual finish to the week with NYSE and most global indices closed tomorrow for Good Friday while SIFMA has recommended a 12:00 ET close for the Treasury market. However, the Bureau of Labor Statistics still plans to release the Employment Situation report for March (Briefing.com consensus 51,000; prior -92,000) at 8:30 ET.
• Yield Check:
  • 2-yr: -1 bp to 3.79%
  • 3-yr: -1 bp to 3.82%
  • 5-yr: -1 bp to 3.94%
  • 10-yr: -1 bp to 4.31%
  • 30-yr: -1 bp to 4.89%