Bond Market Update

 Early Losses Recovered

• U.S. Treasuries sit on their highs after reversing from their mid-morning lows. Treasuries reached their worst levels of the day shortly after the 10-yr yield briefly climbed above 5.000% shortly after 10:00 ET. The rebound developed over the next hour while the past few minutes have seen a push to fresh highs across the complex. President Trump commented on various issues via social media today, starting with a pushback to calls for establishing guardrails in AI development, and also said that Russia and Ukraine have agreed to not strike each other's energy infrastructure. Lastly, the president teased a potential new approach to the conflict with Iran that could lead to another deal. Crude oil has retreated from today's morning high, cutting its gain in half.
• Yield Check:
  • 2-yr: -4 bps to 4.64%
  • 3-yr: -4 bps to 4.69%
  • 5-yr: -4 bps to 4.76%
  • 10-yr: -4 bps to 4.94%
  • 30-yr: -4 bps to 5.32%