10-Year Note futures found higher price levels today, trading at 112’22 after coming off a 1.5-week low from the previous close. This price strength is largely attributed to a rotation in the market, as heavy selling pressure in the equity markets seen last week continued today, leading to money flowing towards fixed income as a safe haven. This demand drove prices higher across the entire yield curve and moved yields lower. The 10-Year yield fell 2 basis points today to 413 basis points. Prices moved higher from the 1-Year through the 30-Year, with the front end of the curve seeing yields lower by 0.5 to 1 basis point, and the 7-Year and beyond seeing yields lower by about 2 basis points. The yield curve moved lower and was slightly less steep on the session.
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