Early Bonds:
U.S. Treasuries just below their early highs with issues in the belly maintaining their early strength. Treasuries lurched higher out of the gate, which returned the 10-yr yield to its 200-day moving average (3.530%) while the 30-yr yield has been pressured back below its 50-day moving average (3.773%).
The higher start was followed by about 90 minutes of sideways trade while recent action has seen a return to highs in all tenors.
Equities are off to a quiet start with the S&P 500 (+0.1%) holding a slight gain.
Yields:
2-yr: -2 bps to 4.14%
3-yr: -6 bps to 3.84%
5-yr: -4 bps to 3.62%
10-yr: -4 bps to 3.53%
30-yr: -4 bps to 3.74%