Bond Market Update

Early Gains Maintained

• U.S. Treasuries have backed down from their starting highs, but they continue holding most of their sizable gains resulting from Iran ceasefire news. The 10-yr yield marked a session low at 4.23%, about three basis points below its current level. Elsewhere, equities started the day on a strong note, helping the S&P 500 (+2.4%) narrow its 2026 loss to just 1.1% while the Nasdaq (+2.8%) has trimmed this year's loss to 2.6%. Crude oil continues hovering below $95/bbl, which is an encouraging element for both stocks and Treasuries.
• Yield Check:
  • 2-yr: -7 bps to 3.76%
  • 3-yr: -8 bps to 3.78%
  • 5-yr: -9 bps to 3.89%
  • 10-yr: -8 bps to 4.26%
  • 30-yr: -6 bps to 4.86%