Caught an interesting day in the bond market today. US Treasury yields opened stronger but ended up pulling back across the board. The 2-year dropped nearly 2 basis points to land around 3.78%, while the 30-year fell just over 1 basis point to 4.90%. What stood out to me was the 2-year and 10-year spread widening a bit—now sitting at about 51.7 basis points.



The inflation-protected side also saw some movement. The 10-year TIPS yielded lower by roughly 2.8 basis points, settling around 1.90%, and the 2-year TIPS took a bigger hit, down 4 basis points to 0.85%. Even the 30-year TIPS eased down to 2.65%.

So basically, US Treasury yields showed that classic pattern today—initial strength fading into a lower close. The bigger picture on TIPS suggests some shifting expectations around inflation. Interesting to watch how this plays out.
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