Bond Market Update

Opening Losses Widened

• U.S. Treasuries trade a touch below their starting levels, making for a subdued start to the Friday session. Treasuries opened just below their unchanged levels, followed by a continued downward drift through the first couple hours, but at a slow pace. As a result, yields on longer tenors are up just a basis point while yields on shorter tenors hover a couple basis points above yesterday's closing levels. The start of the equity session has also been subdued with the S&P 500 sitting just above its flat line while crude oil holds a modest loss below $72/bbl.
• Yield Check:
  • 2-yr: +2 bps to 4.18%
  • 3-yr: +2 bps to 4.22%
  • 5-yr: +2 bps to 4.29%
  • 10-yr: +1 bp to 4.55%
  • 30-yr: +1 bp to 5.06%