Treasury Action: yields remained at low ebb
Treasury Action: yields remained at low ebb with the Spanish snap election piling on to the wall of worry in Europe, along with stress in Italian budget politics, though the N. Koreans came back with kinder and gentler rhetoric overnight and Trump reciprocated on Twitter. The 2-year yield is probing below 2.50%, down from 2.525% in Asia; the 5-year dipped below 2.79% from 2.83%; the 10-year tripped sub-2.95% from 2.99%; and the bond yield tested below 3.10% from 3.14%. Yields are 2.0-3.5 basis points lower along the curve, paced lower by the long-end, leaving the 2s-30s spread 1.5 bp flatter near +60 bp. Stocks will open underwater and yields may be pinned down into the shortened session and long weekend.