Treasury Yields Fall
Action Economics: The bond-friendly durables plunge sent yields sharply lower to fresh session lows, though the ex-transportation 1.0% fall was closer to the market median than the -2.8% headline drop. In combination with lingering subprime contagion risk, this sent the benchmark 10-year yield 2 basis points lower to 5.04%, while the 2s-10s spread continues to remain elevated at +20 bp as the front-end outperforms on the flight to quality.
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