Bond Market Update

Narrow Range Maintained

• U.S. Treasuries continue hovering near levels seen in mid-morning trade after a quiet past two hours of action. Treasuries continued their rebound off early lows through the morning, but the pace of the move was slow, leaving the 10-yr yield just two basis points below its opening mark. Like other tenors, the long bond has also made it back to its high, but it is still down about a tick for the day. That said, the entire complex remains on track to finish the week in positive territory even though Monday's session featured the highest settlement in the 2-yr yield since February 2025. Equities remain modestly higher at the index level, which is masking ongoing volatility in chip stocks.
• Yield Check:
  • 2-yr: -3 bps to 4.09%
  • 3-yr: -3 bps to 4.09%
  • 5-yr: -3 bps to 4.13%
  • 10-yr: -2 bps to 4.37%
  • 30-yr: +1 bp to 4.86%