Salient to Investors:
Ian Lyngen at CRT Capital Group said we are back in a risk-off mode until there is a reason not to be, and the market is stepping back from any meaningful expectation for anything from the summit.
Benchmark notes are trading at almost the most expensive level ever.
Treasuries beat all other U.S. fixed-income securities for the first time in three quarters. Treasuries are outperforming the global bond market by 1.3 percentage points, after trailing by 2.4 percentage points in the previous quarter.
Anshul Pradhan and Vivek Shukla at Barclays said the yield curve is not yet fully reflecting the demand shock from a six-month extension of Operation Twist, so has room to flatten.