Bond Market Update

Starting Gains Maintained

• U.S. Treasuries trade a touch below their opening levels after a quiet start to the Monday session. Treasuries notched highs at the open, followed by some light backtracking that has pressured all tenors below their starting levels, but they remain well above their flat lines with the belly showing relative strength. Elsewhere, equities started the day on an upbeat note, encouraged by renewed hopes for U.S.-Iran deescalation. The &P 500 (+1.1%) trades a bit behind the Nasdaq (+1.5%).
• Yield Check:
  • 2-yr: -4 bps to 4.25%
  • 3-yr: -6 bps to 4.30%
  • 5-yr: -6 bps to 4.40%
  • 10-yr: -6 bps to 4.68%
  • 30-yr: -5 bps to 5.22%