The Treasury Yield Curve Is Crashing Most Since Brexit

Remember the post-tax-reform, pre-Christmas spike in yields and the yield curve? Yeah, that's all over now!!!!

Treasury yields are down 4 days in a row with a major collapse occurring today as the long-end plunges over 8bps - the most in 3 months. The 2s30s yield curve is down over 8bps - the biggest-single-day flattening since Brexit (June 2016)...

This is the biggest 4-day drop in 30Y yields since February.

Notably 10Y yields dropped back below 2.4% (YTD unch)...

The yield curve is crashing...

The biggest 1 day flattenig since Brexit...

 

All of which is fascinating given that net spec positioning is near record long the long-end...