Let's take a closer look at recent activity in US Treasuries. The yield on the 10-year note ended the day at 2.39% and the 30-year bond closed at 3.02%, well off their interim highs.
Here is a table showing the yields highs and lows and the FFR since 2007 as of today's close.
The 2-10 yield spread is now at 1.06%.
The chart below shows the daily performance of several Treasuries and the Fed Funds Rate (FFR) since the pre-recession days of equity market peaks in 2007.