Bond Market Update

Higher Start Sustained

• U.S. Treasuries remain near their starting levels after defending their opening gains. The market spent the first few minutes of action in a pullback from today's opening levels, but support was found quickly, vaulting Treasuries to fresh highs about 90 minutes after the cash start. Treasuries marked their best levels as equities slumped out of the gate, though stocks are trying to recover with the Dow already back at its flat line while the Nasdaq (-1.2%) lags, extending this week's loss to 2.7%. The S&P 500 (-0.6%) holds a slimmer loss and is currently down 1.2% for the week.
• Yield Check:
  • 2-yr: -3 bps to 4.13%
  • 3-yr: -3 bps to 4.17%
  • 5-yr: -4 bps to 4.24%
  • 10-yr: -5 bps to 4.52%
  • 30-yr: -5 bps to 5.05%