Action Economics: Treasury yields remain fairly steady above overnight lows after the trade data mix, where the deficit narrowed in July, but only compared to a wider revised reading in June. Bonds remained focused on the better pre-open tone on Wall St. and Fed Chairman Bernanke's speech at 11 ET. The 10-year yield nosed up from 2-year lows near 4.31% late yesterday to 4.35% presently. The curve has narrowed to the +45 bp area on 2s-10s, about 3 basis points tighter overnight and compared to post-payrolls wides near +50 bp.

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