Inflation tumbling in Europe (German CPI), the American consumer hitting a wall (PCE), and the US housing market collapsing (pending home sales) were enough to actually - for once - drag Treasury yields lower on the day... and as yields decline so a bearish-sentiment-soaked equity market melted up to start the day. {chart} An initial spike in yields on the headline GDP revision data quickly reversed (led by the short-end) as 'humans' read the report. By the close, 2Y yields were down 7bps and the long-bond down 1bp... {chart} Which steepened the yield curve (2s30s) to its least inverted since May (steepening for the ... (full story)