The pain in the stock market is putting a bid into bonds. After touching 2.93% on Thursday, the 10-year yield has fallen for four days and is down to 2.74%.
There could be some action at the top of the hour because of the monthly two-year note auction. The $34 billion sale is trading at 0.390% in the when-issued market. A higher yield could boost the dollar and vice-versa.