Bond Market Update

Higher Start Extended

• U.S. Treasuries trade on their highs after adding to their initial gains with longer tenors maintaining their early lead. Treasuries began extending their gains immediately at the start, having spent the better part of the past two hours in a steady rise. That rise has sent the 30-yr yield past its low from Friday to a level not seen since early April. Meanwhile, the 10-yr yield has slipped below its 50-day moving average (4.439%) to a six-week low. Equities are off to a modestly higher start with the S&P 500 (+0.3%) trimming this week's loss to 1.5%.
• Yield Check:
  • 2-yr: -4 bps to 4.15%
  • 3-yr: -5 bps to 4.16%
  • 5-yr: -7 bps to 4.20%
  • 10-yr: -8 bps to 4.41%
  • 30-yr: -8 bps to 4.86%