Treasuries Finish Higher
Another chapter in the lengthening saga of equity weakness was written Monday, with a heavy day in Europe followed by only a momentary reprieve in the U.S., then another slump. Combined with a convexity bid as 10-year yields sank below 4.5% and two-year yields dipped below 2.40%, Treasury prices surged. The curve stayed steep, though the two-year note and 30-year bond spread stopped shy of +300 basis points.
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