Despite all the talk today that Bill Gross had dumped all his Treasuries, including the savings bonds in his kid’s piggy bank, bonds have done nothing but rally this afternoon. A strong 10-year note auction appears to be the latest catalyst. US yields are down 7 bp on the day, now at 3.47%.
USD/JPY is slipping back, now at 82.65 from earlier highs in the 82.85 area as yields slip.
