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US Treasury curve steepens as 2-year yield falls
The 10-year yield ended unchanged at 5.24% while the 30-year rose to 5.57% after reaching a post-2002 high.
Deutsche Bank said the US Treasury market had a mixed session, with the curve steepening as the 2-year yield fell while 10-year and 30-year yields held or extended post-2000s highs, according to an FXStreet write-up of the bank’s Early Morning Reid notes.
The 10-year yield ended the day unchanged at 5.24%, while the 30-year yield increased 1.9 basis points to reach a post-2002 high of 5.57%.
Deutsche Bank tied market behavior to expectations ahead of the day’s latest US core PCE reading and quarter-end positioning, noting oil and gas prices fell and that NY Fed President John Williams suggested there is no urgency for the next hike, which helped dial back expectations for Fed tightening.