Bonds & Rates
Treasury yields drift higher on the short end
Rates keep the pressure on even as the stock market finishes mixed.
Treasury yields remain elevated. The 3-month yield rises to 3.89%, the 2-year is 4.26%, the 5-year proxy slips 1.0% to 4.321%, and the 10-year closes at 4.585%. The 30-year sits at 5.094%.
The latest official data show the short end still backing up. The 3-month Treasury yield is up from 3.85%, and the 2-year is up from 4.21%. That keeps front-end borrowing costs high even with equities finishing higher.
Credit is calm, but not exactly cheap. The IG corporate spread is 0.78%, up from 0.77%, while the HY spread holds at 2.69%. LQD gains 0.2% and HYG adds 0.2% on the day.
Mortgage rates move the other way from stocks. The 30-year fixed rate is 6.49% on July 9, up from 6.43% a week earlier.