Bond Market Update

Opening Gains Narrowed

• U.S. Treasuries have dipped from their starting highs, giving back a good chunk of their starting gains. Treasuries started the day with relative strength in longer tenors while the short end began slipping from highs immediately after the open. As a result, the 2-yr note is back to unchanged while longer tenors trade on lows. Elsewhere, equities started the day on a firmly higher note but quickly gave back their opening gains with the S&P 500 now down 0.2% while the Nasdaq (-0.4%) lags.
• Yield Check:
  • 2-yr: UNCH at 4.33%
  • 3-yr: -1 bp to 4.35%
  • 5-yr: -2 bps to 4.41%
  • 10-yr: -2 bps to 4.66%
  • 30-yr: -2 bps to 5.14%