Treasury Action: yields have dropped and are now richer on the day

Treasury Action: yields have dropped and are now richer on the day as Wall Street sheds its gains and has downshifted into negative territory. There wasn't much impact from the so-so bond auction. The rally has seen the wi bond rate slip to 1.450%, now at a profit versus the 1.473% award rate. The 10-year yield is 1.1 bps lower at 0.687% after after topping out at 0.7214%. The 2-year is down 0.5 bps to 0.141%. Wall Street has struggled for direction all day, trading in and out of positive territory. Energy is leading stocks lower, but losses are across much of the S&P. Ongoing anxiety over the virus, uncertainties over a vaccine, concerns over the economy, and jitters over the election all pose significant headwinds for investors, although a consensus is building around a hefty jump in Q3 GDP toward our forecast of a 31% jump, with Q3 earnings estimates on the rise too.