Bond Market Update

Shorter Tenors Maintain Early Gains

• U.S. Treasuries of most tenors continue holding their starting gains while the long bond remains modestly lower. The first hour of today's trade saw some backtracking, but the market quickly found support after the complex made a brief appearance in the red. The past hour has seen a steady bounce, which has lifted 10s and shorter tenors to fresh session highs while the long bond remains near its opening level. Equities started the day with some pressure in tech stocks, but the market is fighting off the early pressure, leaving the S&P 500 near its unchanged level.
• Yield Check:
  • 2-yr: -3 bps to 4.09%
  • 3-yr: -3 bps to 4.09%
  • 5-yr: -2 bps to 4.14%
  • 10-yr: -1 bp to 4.39%
  • 30-yr: +2 bps to 4.88%