Bond Market Update

Opening Gains Reversed

• U.S. Treasuries trade on their lows, lifting yields to fresh highs for the year alongside weakness in other sovereign debt. The market opened the day in positive territory, but the higher start found immediate resistance. The ensuing retreat has been paced by the belly, lifting yields on 10s and shorter tenors to their highest levels since early 2025 while the 30-yr yield is at a level not seen since mid-2007. Equities started the day on a weak note with the S&P 500 (-0.9%) widening this week's loss to 0.9%.
• Yield Check:
  • 2-yr: +4 bps to 4.13%
  • 3-yr: +5 bps to 4.22%
  • 5-yr: +7 bps to 4.35%
  • 10-yr: +6 bps to 4.69%
  • 30-yr: +5 bps to 5.20%