Treasury Action: weakness in equities is the day's focal point
Treasury Action: weakness in equities is the day's focal point and risk-off trades are the result. The bond market is paying little attention to the strong JOLTS report, though in part because it's not a surprise as analysts've know that to be the case from Friday's payroll report. The demand for safety is also stymieing any chance to cheapen the market ahead of the May refunding auctions. Yields are lower across the curve. The front end is lagging a bit, however, in front of the 3-year auction. The when issued (wi) is 0.5 bps lower at 2.245%. The wi 10-year is 1 bp richer at 2.465%. Wall Street is at its lows with better than 1% declines.