Grid of treasury yields net change today shows shorter maturities higher vs. the longer peers,thus a flattening of the yield curve. The Fulcrum of this see -saw is not the 5 year as it usually is but the 10 year. Bond yield little changed. Regardless that treasury refunding was in line with exceptions Their will be $42B in extra paper next quarter that will have to find a home. The thing is it isn’t a one-off deal More paper is coming and eventually it may not be contained to only short end of curve.