The early selloff in the US Treasury market has reversed, with yields now nearly flat on the day. US 2s are up 2 bps and 30s are down 2 bps. Earlier yields were 3-5 bps higher across the curve.
With the reversal, the US dollar is falling, particularly against the yen and is at the lowest since October 20.
USDJPY 10 mins
I’m not sure what the catalyst is for this move as it’s come suddenly.