Bond Market Update

Early Bounce Meets Resistance

• U.S. Treasuries hold modest losses after a failed early run at a rebound. The trading day started with slim losses, but they spent the first 50 minutes of action in a steady bounce that briefly lifted the entire complex into positive territory. However, a reversal developed just as quickly, sending 10s and shorter tenors to fresh lows while the long bond has shown some resilience, sitting just above its opening low. Equities are off to a lower start with the S&P 500 (-0.5%) trading ahead of the Dow (-1.3%).
• Yield Check:
  • 2-yr: +1 bp to 4.39%
  • 3-yr: +1 bp to 4.46%
  • 5-yr: +2 bps to 4.57%
  • 10-yr: +1 bp to 4.79%
  • 30-yr: UNCH at 5.25%