Bond Market Update

Early Losses Widened

• U.S. Treasuries trade on their lows after extending their starting losses. Treasuries ranged near their starting levels through the initial hour of action before slipping to fresh lows. Shorter tenors trade a step behind, though yields are up about four basis points across the curve. The market just received today's lone economic report, as the Leading Economic Index for June showed a decline of 0.2% (Briefing.com consensus 0.1%; prior 0.1%), though the market's reaction was muted. Equities are off to a mostly higher start with the Nasdaq (+0.4%) narrowing its July loss to 2.2%.
• Yield Check:
  • 2-yr: +4 bps to 4.21%
  • 3-yr: +5 bps to 4.25%
  • 5-yr: +4 bps to 4.31%
  • 10-yr: +4 bps to 4.58%
  • 30-yr: +3 bps to 5.10%