U.S. Treasuries have backed down from their opening levels with longer tenors continuing their early underperformance.
Longer tenors lagged in overnight action, and they remain behind with the 30-yr yield rising past last year’s high (4.425%) to a level not seen since 2011. 10-yr yield marked a session high (4.312%) just two basis points below its high from last year (4.333%), though it ended yesterday’s session at its highest level since 2008 and is on track to do the same today.
Equities are off to a mixed, but somewhat flat, start with the S&P 500 (+0.1%) holding a modest gain while the Nasdaq (-0.3%) underperforms.
2-yr: -1 bp to 4.96%
3-yr: UNCH at 4.67%
5-yr: +3 bps to 4.44%
10-yr: +5 bps to 4.31%
30-yr: +5 bps to 4.41%