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Treasury Yield Collapse Leaves 5Y At Crucial Cliff

US Treasury yields are collapsing across the entire curve, down  9-10bps from their pre-opening highs this morning. While 10Y pushed belwo 1.80% (to one-year lows), it is 5Y yields that have traders the most anxious as they look to break out below three-year channel lows...

 

 

What happens next?