Bond Market Update

Early Gains Padded

• U.S. Treasuries trade on their highs after extending their opening gains. Treasuries followed their higher start with an immediate attempt at a pullback, but they quickly found support, rising past their starting levels about an hour after the open. The belly has led the early advance while the long end has followed reluctantly, which is putting the 30-yr yield back at yesterday's opening level while yields on shorter tenors are now a bit below levels from yesterday morning. The early gains in Treasuries have taken place alongside a poor start from equities, which has the Nasdaq (-1.2%) widening its June loss to 4.2%.
• Yield Check:
  • 2-yr: -4 bps to 4.19%
  • 3-yr: -5 bps to 4.20%
  • 5-yr: -4 bps to 4.25%
  • 10-yr: -3 bps to 4.48%
  • 30-yr: -2 bps to 4.93%