Treasury 30-year yields dropped below 2% for the first time since February as traders continued to unwind reflation trades after the Federal Reserve’s hawkish pivot. Thirty-year yields fell two basis points to 1.99%, while benchmark rates declined as much as three basis points to 1.40%, lowest since early March. Short-end yields edged up. The spread between five- and 30-year notes tumbled last week to the narrowest for the year after the Fed projected two interest-rate increases by the end of 2023. The flattening move was aided by a scramble to unwind curve steepeners, with the likes of Morgan Stanley and TD ... (full story)