Treasury Action: yields eased further after the FOMC minutes
Treasury Action: yields eased further after the FOMC minutes, which contained some dovish hints, or at least greater uncertainty about the policy path going forward given recent developments. This followed on the heels of the solid 10-year reopening. Yet, stocks remained elevated after trade progress and dovish Fedspeak. The 2-year yield rotated down to 2.56% session lows from highs of 2.60%; the 5-year toppled to 2.55% from 2.5960%; the 10-year slumped to 2.71% from 2.7475%; and the 30-year eased to 3.01% from 3.034% highs. Yields remain 0.2-1.8 bp lower at the short-end and 0.8-2.5 bp higher at the long as dovish Fedspeak unwinds some curve flattening trades. The 2s-30s spread is 4.3 bp steeper at +45.2 bp.