Treasury Action: yields cooled off from earlier highs
Treasury Action: yields cooled off from earlier highs with another stab lower in stocks as European bourses slump as well. JOLTS job openings slumped and, though a third-tier data, it's the only one analysts have today. Fedspeak had a dovish-patient spin from Dudley, while hawk George didn't address policy or the economy. Supply is front-and-center next with 3-year auction on tap and that should help keep a floor under yields. The 2-year yield spiked to 0.89% earlier, but since cut that to sub-0.88%; the 5-year yield jumped over 1.33%, then dipped under 1.31%; the 10-year yield topped 1.80% before relaxing to 1.78%; the 30-year probed 2.53% then eased to 2.51%. On the curve yields are elevated most in the belly, leaving the 2s-10s spread edged out to +91 bp, while the 5s-30s is inside +120 bp.