U.S. Treasuries trade on lows after widening their opening losses.
Longer tenors at the forefront of the initial selling, and they remain behind while the 2-yr note outperforms. The early weakness has sent yields on 10s and 30s back to their closing levels from Thursday while the 5-yr yield hovers between its Thursday high and its closing level from Friday, October 6.
Equities are off to a strong start despite the run up in yields with the S&P 500 now up 0.9% while the Nasdaq (+1.0%) outperforms by a slim margin.
Yield:
2-yr: +4 bps to 5.09%
3-yr: +4 bps to 4.86%
5-yr: +6 bps to 4.71%
10-yr: +8 bps to 4.71%
30-yr: +8 bps to 4.86%