U.S. Treasury 10-year note prices are moving higher and that has been pushing the 10-year yield lower. The yield on the 10-year treasury is down 6 basis points today to 2.55%, the lowest yield since last January. With yields coming down and the FOMC raising the Federal Funds target rate for the ninth time last month, the spread between the two has dropped to just over 6-basis points. This is the tightest spread since 2008, when the 10-yr yield was moving lower and the FOMC was lowering the Federal Funds Rate aggressively.

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