Bond Market Update

Starting Losses Widened

• U.S. Treasuries trade on their lows after adding to their initial losses alongside a rally in crude oil. The long bond opened just above its closing level from Friday, but the entire complex began facing pressure immediately after the start. Shorter tenors paced the early selling, but the belly is now behind slightly. Equities started the day on a quiet note with the S&P 500 (+0.1%) sitting just above its unchanged level.
• Yield Check:
  • 2-yr: +2 bps to 4.23%
  • 3-yr: +3 bps to 4.30%
  • 5-yr: +4 bps to 4.40%
  • 10-yr: +3 bps to 4.69%
  • 30-yr: +2 bps to 5.23%