Bond Market Update

Opening Losses Widened

• U.S. Treasuries trade on their lows after adding to their initial losses alongside some persistent upward pressure on the price of oil. Treasuries started the day in the red, extending their losses through the first two hours of action with the belly leading to the downside while the long bond has resisted a bit, though it too trades in the red. The market learned this morning that Housing Starts increased in March while March Durable Orders grew at a slower pace than expected. Equities started the day in the red, but they have recovered the bulk of their early losses with the S&P 500 now down just 0.1%.
• Yield Check:
  • 2-yr: +5 bps to 3.89%
  • 3-yr: +4 bps to 3.91%
  • 5-yr: +5 bps to 4.03%
  • 10-yr: +4 bps to 4.39%
  • 30-yr: +3 bps to 4.97%