Bond Market Update

Marching On

• The struggles for the bond market continue. Yields continue to press higher, and, notably, with oil prices pushing lower.
• Today's price action has driven the 30-yr bond yield north of 5.60% to its highest level since 2002.
• Stocks are feeling the pinch of rising rates and have been retreating as the march of Treasury yields continues on. The equal-weighted S&P 500 is down 0.5% today, 1.1% for the week, and 4.9% for the month. The Russell 2000 is down 0.7% today, 1.4% for the week, and 5.4% for the month.
• Yield check:
  • 2-yr: unch at 4.93%
  • 3-yr: +2 bps to 5.03%
  • 5-yr: +3 bps to 5.10%
  • 10-yr: +3 bps to 5.28%
  • 30-yr: +4 bps to 5.61%