10-year yields sucked back lower
US 10-year yields hit 1.185% in the aftermath of the jobs report, which is precisely where the January high was.
Across the curve, yields are now generally flat, though 2-year yields are down 0.4 bps and touched the May 2020 low. I get then sense there is a lot of speculative money tied up in steepeners and that's sloshing around now.
With this move though, USD/JPY has been pulled back lower and the US dollar is sliding.
