Treasury yields surrender gains ahead of US data, oil weighs

Yields on the long duration and short duration treasury yields in the US dropped on weakness in oil ahead of the personal spending data release in the US.

At the time of writing, 10-yr treasury yield was trading around 1.90%, compared to the daily high of almost 2% seen earlier today. The 2-yr yield, which mimics short-term rate hike bets, cooled off from 0.90% to 0.877%.

Yields had spiked earlier today as investors reacted to an upwardly revised US Q4 GDP release. However, oil benchmarks surrendered gains and ensured the treasury yields did so as well.

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