Bond Market Update

Shorter Tenors Defend Gains

• U.S. Treasuries have seen very little movement over the past couple hours, leaving 5s and shorter tenors with slim gains while the long bond hovers in the red, keeping its yield just under 5.000%. Today's higher start briefly pressured yields on 10s and 30s below their 50-day moving averages, but resistance was found in short order, lifting these yields back above those levels during the initial hour of action. While the market reversed early, the pullback ran out of steam quickly, resulting in a sideways drift into the afternoon while equities are defending their gains.
• Yield Check:
  • 2-yr: -1 bp to 4.13%
  • 3-yr: -2 bps to 4.15%
  • 5-yr: -1 bp to 4.22%
  • 10-yr: UNCH at 4.48%
  • 30-yr: +1 bp to 5.00%