Treasurys are sliding

The US Treasury complex has come under pressure following the strong durable goods report for October. Data released by the Commerce Department showed orders for goods built to last surged 4.8% compared to a month ago.

Moderate selling is having the biggest impact on the belly of the curve where yields are higher by almost 5 basis points. Here's a look at the scoreboard as of 8:41 a.m. ET:

• 2-year +2.0 bps at 1.107%
• 3-year +2.5 bps at 1.371%
• 5-year +3.6 bps at 1.806%
• 7-year +3.8 bps at 2.152%
• 10-year +3.4 bps at 2.346%
• 30-year +2.5 bps at 2.025%

Up front, the 2-year yield has crossed the 1.10% threshold, and is at its highest level since April 2010. Interestingly, yields at the long end of the curve still have not topped their highs from November 18, but are within a few basis points.

Wednesday's selling has swung the yield curve steeper with the 2-10-year spread wider at 124 bps. The spread would have to climb above 129 bps to top the November 18 high.

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