Treasury yields have been declining since the 8:30 a.m. ET data release.
2-yr note yield is down nine basis points to 3.82%
10-yr note yield is down eight basis points to 3.35%.
Regional bank stocks are sharply lower in premarket action following the PacWest (PACW 4.66, -1.42, -23.4%) news. Western Alliance (WAL 26.00, -1.12, -4.1%) is a standout in that regard despite the company issuing an update, saying that deposits had increased over the same period that PACW saw a decline.