Treasury yields slide to their lowest level in 2 weeks

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US Treasurys are gaining for a second straight day as action winds down for 2016.

Early buying has yields down as much as 6 basis points (bps) in the belly of the curve, and at their lowest level in two weeks.

After backing up a touch into the noon hour, yields pressed to fresh lows after the 7-year note auction which drew 2.284% (2.304% when issued)

Here’s a look at the scoreboard as of 1:19 p.m. ET:

    2-year -3.6 bps @ 1.218% 3-year -5.1 bps @ 1.472% 5-year -5.8 bps @ 1.952% 7-year -4.9 bps @ 2.262% 10-year -4.2 bps @ 2.466% 30-year -2.5 bps @ 3.068%

The Treasury complex has been under pressure since the election amid speculation President-elect Donald Trump’s ideas on infrastructure spending, taxes, and trade would bring back inflation to the United States. In the six weeks following the election, selling ran longer-dated Treasury yields up more than 90 bps to their highest levels since September 2014.

However, the yield curve has actually flattened, a sign that maybe those speculating on a return of inflation might be getting ahead of themselves. The 5-30-year spread is trading at 109.2 bps, about 20 bps flatter than the night of the election.