Risk On; Bonds Off

China’s efforts to stabilize and invigorate its economy while efforting to control the spread of the coronavirus have stimulated risk appetites as equity markets rebound and bonds pay the price. The Treasury’s Ten-Year is off just over a half-point and that has pushed its yield to within shouting distance of 1.60%. The long-bond is off over a full point and its yield is up to 2.05%, about a five basis point move.