US 2-year note yields are now up 31 basis points on the day to 3.35%.
With 10-years up 23 bps to 3.38%, the spread is just 3 basis points. The 2s10s spread briefly inverted last year and is threatening to do so again.
The bond market is looking increasingly disorderly and some of the rumblings out of MBS and junk are terrifying. This is not the look of an orderly market.
