Strong demand at yesterday’s US Treasury 20Y bond auction pulled yields down across the Treasury curve, undoing some of the previous day’s sell-off. 10Y US Treasury yields fell just over 9bp to 2.29%, while 2Y yields went down a little under 7bp to 2.096%. Despite the drop in risk-free rates, US equities sold off yesterday, though in a controlled fashion, with the S&P500 and NASDAQ down respectively 1.2% and 1.3% - small declines by the standards of recent volatility. Currency markets remain a bit bogged down. The benchmark EURUSD is still at about 1.10, though has shown interest pushing lower. The AUD is just ... (full story)