From Standard & Poor's Equity ResearchTreasury prices fell Thursday morning. The 10-year note was lower in price at 102-15/32 for a yield of 4.445%, while the 30-year bond was lower at 104-23/32 for a yield of 4.706%.

Action Economics reports that curve flattening has been the byproduct of the rebound in stocks, which has had a more pronounced negative impact on the front-end of the curve relative to the long.