Treasury yields give it back
A strong bid in bonds is driving down Treasury yields after what looked like a breakout earlier today.
US 30-year yields are now down 2.4 bps to 2.38% after rising as high as 2.46% earlier.
In the 10-year space, yields hit a post-pandemic high of 1.77% but are now back to 1.72%, below the prior March high of 1.75%.
The reversal in yields is beginning to weight on USD/JPY, which has retreated to 110.20 from a high of 110.43.