Bond Market Update

Highs Revisited

• Recent action saw the 5-yr note and shorter tenors drift back toward their post-NFP highs while 10s and 30s have inched to fresh highs, though the long bond is still slightly negative for the day with the early close looming at 14:00 ET. Today's underperformance in longer tenors has been consistent with what has been seen through this abbreviated week. The 10-yr yield is currently up ten basis points since last Friday's settlement while the 2-yr yield is up just three basis points for the week. Equity indices have faced some recent pressure amid ongoing weakness in many tech stocks, leaving the S&P 500 (-0.2%) with a modest loss.
• Yield Check:
  • 2-yr: -4 bps to 4.12%
  • 3-yr: -3 bps to 4.15%
  • 5-yr: -2 bps to 4.21%
  • 10-yr: -1 bp to 4.47%
  • 30-yr: UNCH at 4.97%