Treasury Action: Yields dipped slightly on the surge in claims, though the Empire State index was much firmer than expected and CPI was right on target, which offset the surprising jobless swing somewhat. The 10-year yield dipped under 4.24%, down from overnight highs near 4.28% on fresh risk aversion following another round of subprime write-offs and reports, which caused the curve to widen back out to the +78 bp area on 2s-10s.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE