Bond Market Update

Losses Widened

• U.S. Treasuries trade on their lows with just over an hour until the release of the July FOMC Statement, followed by Fed Chairman Warsh's press conference at 14:00 ET. Treasuries attempted to climb off their starting levels during the opening hour of trade, but they found resistance quickly, followed by some additional selling that has lifted yields on most tenors toward their highs from Monday. The intraday selling took place alongside some additional upward pressure on oil that has lifted WTI crude above $84/bbl.
• Yield Check:
  • 2-yr: +5 bps to 4.33%
  • 3-yr: +6 bps to 4.36%
  • 5-yr: +6 bps to 4.42%
  • 10-yr: +5 bps to 4.65%
  • 30-yr: +3 bps to 5.12%