Treasury Yields Rebound
Action Economics: Treasury yields rebounded dramatically from lows mostly in line with the bounce in stocks from lows, though the surprise 5.5% recovery in existing home sales helped boost investor confidence a tad as well. The benchmark 10-year yield traded back above 3.66% from session lows of 3.49%. The 2s-10s spread has steepened back out to +218 bp, with the 2-year yield pinned again near the 1.50% Fed funds target rate.
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