From Standard & Poor's Equity ResearchAction Economics: Treasury yields turned lower on Bernanke's speech, which perhaps lingered a bit longer on downside risks to growth than it did on upside inflation risks. Indeed, he saw inflation pressure from oil as a tax on the economy. Moreover, he specifically said that he didn't see Q3's robust growth being sustained near-term and expected growth to slow noticeably in Q4. The 10-year yield has slumped back below 4.30% to session lows compared to highs near 4.335%, while the 2-year yield is under 3.53% from 3.6% highs. The 2s-10s spread jumped back to 2.5-year wides of +76 bp on the indirect stagflationary overtone.