Stocks lower on the day.
The bond yield are backing up again, erasing the corrective move higher yesterday.
The 10 year yield fell about 10 bps on Tuesday, recovered yesterday with a 4-5 bp move higher. Today, the yield is down -4.5 bps to 2.059%. The low yield yesterday reached 2.0527%.
The 2.000% level is a key natural and psychological level. The 1.9787% is the 50% of the move higher off the July 2016 low. Those are levels to eye on continued weakness in rates.
The US stocks are also trading lower. The S&P is down about -3 points or -0.12%. The Nasdaq is down about -9 point s or -0.13%. Bank stocks are under pressure on the fall in yields. JP Morgan is down -1.3%. Citicorp is down -1.7%.
