Treasury Action: yields probed higher
Treasury Action: yields probed higher in the wake of the CPI report, which came in warm, but not out of line with expectations per se. That will do little to alter the Fed's normalization path, despite signs of cooling global growth and tariff ramifications. The 2-year yield popped back up to 2.906% from 2.892%; the 5-year probed 3.0% from 2.98% lows earlier; the 10-year cleared 3.15% from 3.132% lows; and the 30-year yield topped 3.376% from 3.349%. That has yields just less than a basis point higher along the curve after reversing the overnight dip, without much between the maturities, though the bond is slightly outperforming and the 2s-30s spread near +47 bp. Stocks have padded gains in relief after rebounding overnight.