The decline in yields eases pressure on rate-sensitive sectors after a 37-basis-point rise since early May.
The US 10-year Treasury yield fell 10 basis points to 4.57%, retracing part of its recent climb. Yields had peaked at 4.687% yesterday, up 37 basis points from 4.316% on May 7, driven by shifting rate expectations and economic data.
Technically, the yield slipped below its 100-hour moving average at 4.580%, signaling a potential near-term downtrend. Key support levels include the 38.2% retracement at 4.545% and the 4.50% psychological mark, aligning with the 50% midpoint and 200-hour moving average.
The 30-year yield declined 7 basis points to 5.11%, while the 2-year yield dropped to 4.05%. Later today, the Treasury will auction $16 billion in 20-year bonds, with market focus on demand and pricing dynamics.