Big moves in the bond market
So much for the Fed dialing back easing.
There's a massive bid in the US Treasury market following Trump's tariff announcement.
- 2s down 16 bps to 1.71%
- 5s down 16 bps to 1.66%
- 10s down 13 bps to 1.88%
- 30s down 9 bps to 2.42%
The front end is on the verge of cycle lows. Watch for stops below 1.70% and a potentially disorderly move.
We're already at cycle lows in 5s, 10s and 30s.
