Yields Higher Ahead of FOMC
Action Economics: Yields ticked slightly higher after the productivity report revealed a downward revision on Q1 productivity and a commensurate sharp upward revision in unit labor costs, though there doesn't appear much lasting impetus on Treasuries ahead of the FOMC statement. The 10-year yield continues to loiter just under 4.75%, the middle of its tight overnight range, while the 2s-10s spread is holding in the +23 bp area after recent swings.
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