10-year Treasury Yield Back at 4.39%, Yield Curve Steepens at Long End, Mortgage-Rate Spread Remains Historically Wide

Despite the rumors during bond turmoil, foreigners kept buying Treasuries and the “basis trade” didn’t blow, but the “swap spread trade” made a mess. By Wolf Richter for WOLF STREET. The 10-year Treasury yield rose to 4.39% today and is now back in the middle of the range of the past two-plus…