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Treasuries Trade Lower

From Standard & Poor's Equity ResearchAction Economics: Treasuries extended Tuesday's opening declines slightly after the hotter than expected PPI and narrower than expected trade data.

Longer-dated issues underperformed on the inflation report, with the 10-year yield rising another basis point to test 4.80%. The 2-year yield touched 4.48% before falling back, as losses have been contained.

Despite the immediate market reactions, the 2s-10s curve is still a little flatter at 31 bps compared to yesterday's 34 bps thanks to some further unwinding of safe haven trades.

Meanwhile, the PPI is not a major market mover in the first place, and traders have other fish to fry with the focus still clearly on credit conditions.

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