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Bounce in shorter tenors alleviate pressure on slope of yield curve
Longer dated deep in red, 2yr slight gain off low
Expanding 2s10s spread by 12 bps to -66 bpsYield
2yr UNCH at 5.13%
3yr +4 bps to 4.85%
5yr +9 bps to 4.61%
10yr +12 bps to 4.47%After a brutal week for Bonds U.S. Treasuries buying has pressured yields to fresh lows for the day. Belly of the curve ahead.
Yield:
2-yr: -4 bps to 5.10%
3-yr: -5 bps to 4.81%
5-yr: -6 bps to 4.56%
10-yr: -5 bps to 4.43%
30-yr: -3 bps to 4.52%Today’s buying has returned the 30-yr yield to its opening level from yesterday while yields on shorter tenors are now approaching their closing levels from Wednesday.
The market has marched higher throughout the morning even though Fed Governor Bowman, who is an FOMC voter, said that she thinks that additional rate hikes will be appropriate. Still, she said that she agreed with Wednesday’s decision to pause.
Equities are struggling to sustain their gains with the S&P 500 narrowing its gain to 0.2% while the Nasdaq (+0.5%) outperforms.
A busy week for bond traders after a tidal wave of global central bank monetary policy decisions headlined by the Fed’s FOMC, Bank of England, Norges
[See the full post at: Bond Traders Weekly Outlook: US Treasury Yields Yearly Highs after Fed Mutterings]
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