Bonds & Rates
Treasury yields ease after a recent run higher
The long end and short end both back off a bit, even as yields remain elevated.
Treasury yields drift lower across the curve. The 5-Yr Treasury yield falls 0.5% to 4.385%, the 10-Yr yield slips 0.3% to 4.684%, and the 30-Yr yield edges down 0.1% to 5.236%.
Even with today’s decline, yields remain above their 50-day and 200-day moving averages in the 5-Yr, 10-Yr, and 30-Yr. The 10-Yr is still above 4.5%, while the 30-Yr remains above 5.2%.
Credit is mixed but stable. LQD rises 0.0%, HYG adds 0.0%, and MUB gains 0.1%.
The bond market backdrop still points to a market waiting on the next inflation read. Wednesday’s CPI report is the key event in view, and today’s small yield pullback fits a day when traders step back rather than press a new rate story.