Michael A. Gayed says Treasury policy reacts more to the 10-year term premium than to GDP or jobs data. His implication: if long-term yields spike during an auc

Michael A. Gayed says Treasury policy reacts more to the 10-year term premium than to GDP or jobs data. His implication: if long-term yields spike during an auction cycle, officials may tolerate an equity drawdown rather than unsettle the bond market.