While the US Treasury market is having another impressive day that is sending yields down to 3.32%, the lowest since Oct 8th on a closing basis, the 5 yr CDS in US government debt is rising today to 30 bps, the highest since July 29th when the 10 yr bond yield closed at 3.66%. It hasn’t fallen in two weeks and is now up 10 bps over the past month. It highlights the amazing performance of the US Treasury market in the face of it and in light of the well spoken about headwinds.
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