Bond Market Update

Defending Early Gains

• U.S. Treasuries trade just above their starting levels after a sideways start to the Tuesday session. The Treasury complex followed its modestly higher start with an extension of the starting gains during the first hour of trade, but recent trade has seen a return to session lows. The long bond lagged at the start, and it remains behind, but it too trades in positive territory at this time. Equities started the day in positive territory, but the early strength has been moderated, returning the Nasdaq to little changed while the S&P 500 remains up 0.3%.
• Yield Check:
  • 2-yr: -3 bps to 4.13%
  • 3-yr: -2 bps to 4.19%
  • 5-yr: -2 bps to 4.26%
  • 10-yr: -2 bps to 4.54%
  • 30-yr: -1 bp to 5.02%