Bond Market Update

Sliding Out of the Gate

• U.S. Treasuries trade on their lows after a slow retreat from their starting levels. The market started the day little changed, but some pressure began showing up immediately after the start, keeping the market on the defensive during the past couple hours as crude oil climbs past $104/bbl. The early losses have been slim, though they have been enough to drive the 10-yr yield to a fresh 2026 high at 5.000%. The belly underperforms at this juncture while the long bond outperforms slightly. Equities are off to a weak start with the S&P 500 (-0.6%) pressured mostly by tech stocks.
• Yield Check:
  • 2-yr: +3 bps to 4.67%
  • 3-yr: +3 bps to 4.76%
  • 5-yr: +4 bps to 4.83%
  • 10-yr: +3 bps to 5.00%
  • 30-yr: +2 bps to 5.37%