Bond Market Update

Early Gains Sustained

• U.S. Treasuries trade a touch above their starting levels with longer tenors maintaining their early strength. Treasuries followed their higher open with some brief backtracking, but support was found once the 5-yr note made a brief appearance at its closing level from Friday. The past 90 minutes have seen steady buying, which has lifted action past today's opening levels alongside a weak start from stocks. The S&P 500 (-0.3%) holds a modest early loss while the Nasdaq (-0.7%) underperforms.
• Yield Check:
  • 2-yr: UNCH at 4.23%
  • 3-yr: -2 bps to 4.29%
  • 5-yr: -3 bps to 4.40%
  • 10-yr: -4 bps to 4.70%
  • 30-yr: -4 bps to 5.23%