Bond Market Update

Narrow Range Maintained

• U.S. Treasuries remain near their flat lines, making for a quiet continuation to today's intraday session. Treasuries followed two days of solid gains with a modestly higher start that pressured yields on longer tenors to one-week lows, but there was no follow-through buying. Instead, Treasuries quickly returned to little changed, with the pullback pausing shortly after 10s and shorter tenors turned negative. Similarly, the S&P 500 (+0.1%) is little changed while the Dow (+0.8%) outperforms, trading at a fresh record high.
• Yield Check:
  • 2-yr: UNCH at 4.20%
  • 3-yr: +1 bp to 4.26%
  • 5-yr: +1 bp to 4.35%
  • 10-yr: UNCH at 4.63%
  • 30-yr: -1 bp to 5.18%