US Yields Have “Round-Tripped” YTD by Eric Bush, CFA, Gavekal Capital
With the 11 bps drop so far in yields, the US 10-year treasury bond is now trading 7 bps lower than it was at the start of the year. The 30-year treasury is just 4 bps higher YTD and the 5-year treasury bond is 20 bps lower. Prior to today, the 2-10 spread had narrowed by 25 bps over the past three weeks.
