Bond Market Update

Sitting on Lows

• U.S. Treasuries have paused their retreat right at their morning lows, resulting in a sideways trading range over the past couple hours. Today's selling lifted yields on 10s and shorter tenors toward their highest levels of the year, but they have not set fresh highs yet. Meanwhile, the 30-yr yield remains about seven basis points below its 2026 high, which was notched a day before this week's FOMC rate hike. The long bond outperforms slightly today, looking to remain positive for the week with its yield currently down three basis points from last Friday's settlement. However, the 2-yr yield is up ten basis points for the week.
• Yield Check:
  • 2-yr: +5 bps to 4.74%
  • 3-yr: +6 bps to 4.82%
  • 5-yr: +5 bps to 4.85%
  • 10-yr: +5 bps to 5.00%
  • 30-yr: +4 bps to 5.33%