Treasury Action: the market remains cheaper on the session
Treasury Action: the market remains cheaper on the session after early choppiness, led by the belly and the long end. The just auctioned 30-year at 2.275% is trading at a loss. The 5-year is up 4.5 bps to 1.64%, with the 2-year 3.9 bps firmer at 1.713%. After dropping with EGBs on the ECB's stimulus, rates on both sides of the Pond climbed (excluding peripherals). Treasuries were hurt by the hotter than expected CPI and claims data, as well as the advent of supply. Additionally Treasury Secretary Mnuchin again mentioned they are studying an ultra-long maturity. And a reports that President Trump is considering an interim trade deal with China that would further delay tariffs added to the rally on Wall Street.