Treasury Action: yields stumbled lower
Treasury Action: yields stumbled lower despite another round of firm LEI data, hot on the heels of Philly Fed and jobless claims windfalls. The trade rhetoric continues to heat up and Trump earlier doubled-down, talking up a second meeting with Putin to resolve a host of issues, while calling the "Fake News Media" the "real enemy of the people." Stocks have remained underwater and the 2-year yield eased to 2.61% from over 2.63%; the 5-year yield slumped to 2.75% from near 2.80% earlier; the 10-year toppled to 2.85% from 2.895%; and the 30-year dove to 2.97% from over 3.005%. Yields are now 0.4-1.9 basis points lower along the curve, led lower by the long-end. The 2s-30s spread has flattened 1.5 bp to +36.4 bp.