Bond Market Update

Rally Sustained

• U.S. Treasuries trade on their highs after adding to their gains during the past 90 minutes of action. The market has maintained an upward path through today's session, save for a couple hours of sideways action just below morning highs. Shorter tenors outperformed out of the gate while recent trade has seen a slight divergence, as longer tenors pushed to fresh highs while shorter tenors stopped at their best levels of the morning. Meanwhile, equities have enjoyed a strong rally with the Nasdaq (+2.1%) showing relative strength, though the tech-heavy index still has about 600 points to go before joining the S&P 500 (+1.6%) in record territory.
• Yield Check:
  • 2-yr: -5 bps to 4.20%
  • 3-yr: -7 bps to 4.24%
  • 5-yr: -7 bps to 4.33%
  • 10-yr: -6 bps to 4.63%
  • 30-yr: -4 bps to 5.19%