Having pushed higher yesterday, it appears 'investors' have had a sudden change of heart and are panic-buying bonds today, despite Fed's Williams warning that:
- WILLIAMS SAYS U.S. TREASURIES ARE PRICED EXTRAORDINARILY HIGH.
Treasury yields are down 5bps (2Y) to 9bps (10Y) with non-stop buying since Europe opened.
30Y yield's 7.5bps drop is the biggest since Feb 18th, pushing the yield back to its 20-day moving average.