Treasurys are getting smashed

US Treasurys have pressed to session lows as trade heads into the homestrech for the week. The Treasury complex drifted little changed as traders in the US settled into their desks to begin the session before a strong surge in University of Michigan consumer confidence got the selling started. Here's a look at the scoreboard as of 12:20 p.m. ET:

• 2-year +1.9 basis points @ 1.129%
• 3-year +2.9 bps @ 1.416%
• 5-year -4.5 bps @ 1.882%
• 7-year +5.6 bps @ 2.254%
• 10-year +6.0 bps @ 2.467%
• 30-year +5.9 bps @ 3.164%

Friday's selling is a continuation of the selling that has been in place since Donald Trump was elected President on November 8. Longer dated yields are trading at their highest levels since the end of June, having rallied more than 70 bps on the presumption that Trump's protectionist trade policy and plan for massive infrastructure spending will ignite the return of inflation to the United States.

Interestingly, the yield curve has not steepened post-election, as would typically be the case if the market believed strong economic growth and inflation were on the horizon. The spread between the 5-year and 30-year narrowed from 129 bps on Election Day to 117 bps into Thanksigving, but has since ticked back up to 128 bps.

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