Bond Market Update

Early Gains Sustained 

• U.S. Treasuries hover just below their opening levels, making for a continuation of a steady start to the week. Treasuries recorded today's gains at the open as the market continued growing more confident about the peace deal with Iran, which should be signed on Friday. Treasuries inched above their starting levels about two hours after the open but they quickly found resistance, dipping back toward their starting levels. Elsewhere, crude oil has remained near $80/bbl, a level not seen since early March, while equities have padded their strong starting gains with the Dow (+1.5%) hitting a fresh record while the S&P 500 (+2.0%) is about 50 points from doing the same.
• Yield Check:
  • 2-yr: -4 bps to 4.05%
  • 3-yr: -4 bps to 4.09%
  • 5-yr: -4 bps to 4.17%
  • 10-yr: -3 bps to 4.46%
  • 30-yr: -1 bp to 4.96%