Bond Market Update

Opening Losses Reclaimed

• U.S. Treasuries trade on their highs after climbing off their starting levels. The trading day began with modest losses that produced a fresh 2026 high in the 30-yr yield (5.326%) before a bounce took shape during the past 45 minutes alongside a weak open in equities with the S&P 500 down 0.5% and Nasdaq lower by 1.2%. The bounce in Treasuries has been shallow so far with yields down about a basis point across the curve, helped by some below-consensus housing data.
• Yield Check:
  • 2-yr: -1 bp to 4.17%
  • 3-yr: -1 bp to 4.25%
  • 5-yr: -1 bp to 4.37%
  • 10-yr: -1 bp to 4.72%
  • 30-yr: -1 bp to 5.30%