1603 ET – Wall Street’s morning sugar high crashes down in late trade once steep tariffs on China were confirmed to take effect overnight, together with all other levies announced so far by the Trump administration. The swings take Treasury yields in different directions, but they settle mostly higher as investors struggle to guess what trade wars will do to the economy. CPI inflation is due Thursday, followed by PPI on Friday. The 10-year yield rises 0.096 percentage point, to 4.259%, while the two-year rises 0.002 p.p. to 3.735%. (paulo.trevisani@wsj.com; @ptrevisani)
Treasury Yields Jump After Soft 3-Year Note Auction
1446 ET—The market for U.S. Treasurys is looking a bit shaky at the moment. Weak demand for a $58 billion auction of 3-year notes this afternoon has helped spur a sharp selloff in longer-term bonds–particularly the 30-year bond. The jump in yields reflects a general state of uncertainty in the bond market:
