Treasury yields are sinking after the jobs report
- 2-year -2.4 bps @ 1.266%
- 3-year -3.8 bps @ 1.399%
- 5-year -5.6 bps @ 1.705%
- 7-year -5.5 bps @ 1.964%
- 10-year -5.6 bps @ 2.156%
- 30-year -4.8 bps @ 2.814%
Friday's buying has yields at the long end of the curve flirting with their lowest levels since Donald Trump's election victory. Those yields rallied sharply in the weeks following the electionamid speculation Trump's plans to cut taxes and spend on infrastructure would bring back inflation to the US.
However, Trump has been unable to get his ideas to pass Congress and that has tempered expectations that his agenda is going to get done. After topping out near 2.64% in March, the benchmark 10-year yield is sitting at its lowest level since November 10, two days after the election.
Friday's action has had little impact on the yield curve as the 5-30-year spread holds at 110 bps, its flattest since early April.
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