US Treasury Secretary Janet Yellen mentioned on Thursday that the Financial Stability Oversight Council (FSOC) is concerned about the functioning of the Treasury market. “We had episodes in which liquidity has dried up.” She is giving testimony before the House Financial Services.

While she testifies, stocks erased gains printing fresh YTD lows and the dollar strengthened. The DXY is at multi-year highs above 104.70. The 10-year US yield stands at 2.84%, down 3% for the day.