Treasury curve sends conflicting signals pre-Fed

Treasuries opened with bids this morning in what looks like a continuation of the recoveries which began last Tuesday for the 10-year and 30-year, though not so much for the 5-year.

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From low yields posted the week before last, the charts of the various maturities look so different they may as well be unrelated markets. During that time the 5-year yield went up 17 bps and then…