Bond Market Update

Opening Range Maintained

• U.S. Treasuries have inched up off their lows, returning all tenors to their starting levels. The market has essentially held inside a sideway range today, which is an impressive feat since geopolitical tensions saw little easing over the weekend. However, the market still seems confident that the U.S.-Iran conflict will end in short order. Investors did not receive any data today, but the Retail Sales report for March (Briefing.com consensus 1.3%; prior 0.6%), arguably this week's most notable economic release, will cross the wires tomorrow at 8:30 ET. Equities remain modesty lower with the S&P 500 down 0.4%.
• Yield Check:
  • 2-yr: +2 bps to 3.72%
  • 3-yr: +2 bps to 3.74%
  • 5-yr: +2 bps to 3.86%
  • 10-yr: +1 bp to 4.25%
  • 30-yr: UNCH at 4.89%