Long-End Treasury Yields Fall After US Bond Market Holiday

The move is concentrated at the long end, with the 30-year falling more than the 10-year while the 2-year sits flat — a curve trade rather than a broad rates rally. The 2s/10s spread narrowing to roughly 42 basis points keeps the curve positively sloped, but the long-end bid after a holiday closure suggests thin, catch-up positioning rather than a shift in the rate outlook. Whether the long end holds these levels once full liquidity returns is the open question.