US 10-year yields sink
The bond market is rallying today, led by the long end. That's bringing the curve closer to inversion with 2s10s down 4 bps to 12.8 bps.
A break of this level would then target 2.715%, which is the bigger support level. If that gives way the there isn't much support until around 2.40%. The problem with falling to 2.40% is that the Fed funds rate is now 2.25-2.50%, which essentially guarantees an inversion.
Update: The May low has broken with the low trade at 2.7477%.
