Treasury yields dip and then storm back after non-farm payrolls
US 10-year yields fell to 2.10% on the non-farm payrolls headlines but have bounced back and are now trading at 2.14% -- that's slightly higher than before the data.
Even two-year yields are now higher on the day at 1.35% after falling to 1.30%.
As I wrote before the data, everyone worth their salt knew about the August seasonality problem. Now there is a race to cover the US dollar shorts and, evidently, the bond market longs.
This has the makings of a dollar turnaround.
