Early Bonds: Longer-dated Treasuries continue hovering near their opening highs while shorter tenors underperform. Treasuries backpedaled from their starting levels during the first few minutes of action but found support once 5s and 10s approached yesterday’s closing levels.
Fed Chairman Powell delivered remarks at an ECB event in Sintra, saying that there is significant disinflation in the pipeline, but also repeated that the dot plot is projecting another couple rate hikes.
The market bounced off early lows just as equities opened in the red with the S&P 500 (-0.3%) trailing the Nasdaq (-0.1%).
On a side note, President Biden is expected to speak about the economy at 13:00 ET.
2-yr: UNCH at 4.76%
3-yr: +1 bp to 4.38%
5-yr: -2 bps to 4.02%
10-yr: -2 bps to 3.75%
30-yr: -1 bp to 3.83%