Treasury Action: yields remain near highs
Treasury Action: yields remain near highs in the wake of the jump in wholesale sales, which came after the volatile September employment report, where the negative headline payrolls print was offset by the drop in the jobless rate and uptick in hourly earnings, though no doubt all hurricane-distorted. The 2-year yield remained over 1.52% from 1.50%; the 5-year probed 2.0% from 1.965%; the 10-year tested the key 2.40% fulcrum again from 2.365%; and the bond yield topped 2.93% from 2.905%. That's left yields 2.5-4.7 basis points higher along the curve paced by the 10-year. The 2s-10s spread steepened 2 bp through +87 bp. There has been little yield pullback for now, even with stocks slightly underwater.