U.S. Treasuries started the week with a steady retreat that drove yields on longer tenors back to last week’s highs with this year’s highs from May looming not far above.
The session started with slim losses that grew wider as the day went on despite a limited dose of global data and a small slate of news. Yields on 10s and 30s within ten basis points of their respective 2026 highs from early May while the 2-yr yield finished just as far from its 2026 high, which was notched last week.
There was some speculation about an effort to cobble another U.S.-Iran ceasefire after weekend fighting, but the report only caused some brief pressure on the price of oil before an eventual rise above $82/bbl.
The U.S. Dollar Index rose 0.2% to 100.95, building on last week’s bounce off a one-month low.
Yields:
2-yr: +4 bps to 4.21%
3-yr: +5 bps to 4.25%
5-yr: +6 bps to 4.33%
10-yr: +6 bps to 4.60%
30-yr: +5 bps to 5.12%