U.S. Treasuries lows after backpedaling from their initial highs.
Treasuries began dipping immediately after the cash open after a night that saw strength from Treasury futures. Shorter tenors led the overnight advance, but they have also been at the forefront of the recent reversal from opening levels. The early pullback has lifted the 30-yr yield above its opening level from Friday while yields on shorter tenors remain below their opening levels from the Friday session. Equities are off to a mixed start with the S&P 500 (+0.4%) holding a modest gain while the Nasdaq (-0.3%) lags.
Yields
2-yr: +12 bps to 3.94%
3-yr: +11 bps to 3.79%
5-yr: +9 bps to 3.56%
10-yr: +8 bps to 3.47%
30-yr: +6 bps to 3.66%