U.S. Treasuries began the holiday-shortened week on a mostly lower note while the 3-yr note outperformed, finishing with a slimmer loss. Treasuries recorded the bulk of their losses at the open as the cash marked adjusted to yesterday’s retreat in Treasury futures.
Treasuries attempted a rebound at the start, but found resistance in short order, slipping to fresh lows just as equities rallied out of the gate. However, the early weakness did not invite additional selling, as Treasuries spent the day in a sideways range just above their lows with longer tenors showing relative weakness while shorter tenors outperformed, finishing closer to their flat lines.
Yield Check:
2-yr: +4 bps to 3.22%
3-yr: +1 bp to 3.36%
5-yr: +4 bps to 3.38%
10-yr: +7 bps to 3.31%
30-yr: +10 bps to 3.39%