The long bond took a minor lead off the 10-year while the 2-year continued to hold the losing spot, further flattening the curve.
The Beige Book showed economic activity continued to expand modestly despite widespread concerns over trade-related uncertainty. Retail sales increased in most districts, although vehicle sales were flat. The labor market remained tight and saw worker shortages but compensation grew at a "modest-to-moderate" pace although entry-level wages increased significantly. Inflation was "stable to down slightly" with some increases in input costs due to higher tariffs and higher labor costs.
The 30-year yield was near 2.572% versus a recent 2.567% low, early 2.609% high and 2.632% close Tuesday. The 10-year yield was near 2.063% against a recent 2.055% low, early 2.098% high and 2.12% close. The 5-year yield was near 1.834% from the late 1.824% low, a 1.866% high and 1.883% Tuesday. The 2-year yield was near 1.84% against the 1.823% low against an early 1.862% high and 1.862% close.
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