Treasury Action: the back up in yields was quickly capped
Treasury Action: the back up in yields was quickly capped by swings in stocks, which were whipsawed by Apple news, after preliminary injunction to sales of certain iPhone models by a Chinese court. JOLTS job opening surged 119k to 7,079 in October, but stocks have renewed their slump on trade and tech trauma. The 2-year yield topped 2.735% earlier before easing under 2.72%; the 5-year yield probed 2.717% before easing to 2.70%; the 10-year yield stalled at 2.866% and dipped to 2.84%; and the 30-year yield eyed 3.15% then slumped to 3.115%. Yields are 0.4-1.5 basis points higher along the curve, but for the bond yield that is 0.2 bp lower. The 2s-30s spread has flattened 1.6 bp to +39.8 bp as a result.