Bond Market Update

Narrow Range Maintained

• Longer-dated Treasuries hover near their unchanged levels while shorter tenors remain a bit ahead, holding slim gains. Treasuries quickly backed down from their morning highs, but the market was equally as resistant once action turned lower, resulting in a bounce that has been paced by the long bond. Today's trade has unfolded inside a miniscule range with the 10-yr yield bouncing between 4.564% and 4.611%, but it has stayed above its morning low even though crude oil has climbed back to $107/bbl.
• Yield Check:
  • 2-yr: -1 bp to 4.07%
  • 3-yr: -1 bp to 4.14%
  • 5-yr: UNCH at 4.26%
  • 10-yr: UNCH at 4.59%
  • 30-yr: UNCH at 5.12%