Bond Market Update

Sideways Start Continues

• U.S. Treasuries continue trading near their starting levels after a quiet first couple hours of action. Treasuries marked session highs at the open, followed by some immediate backtracking that abated shortly after Treasuries dipped past their starting levels. The sideways movement has resulted in a narrow early range with the 10-yr note holding a bit ahead of other tenors. Elsewhere, equities are off to a subdued start with the S&P 500 (+0.1%) trading just above its unchanged level.
• Yield Check:
  • 2-yr: -2 bps to 4.03%
  • 3-yr: -2 bps to 4.08%
  • 5-yr: -2 bps to 4.16%
  • 10-yr: -3 bps to 4.47%
  • 30-yr: -2 bps to 5.00%