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Inflation Breakevens Slide Some More

US TSYS
  • The 10Y inflation breakeven is seeing the third day of sizeable declines, down 18bps since Thursday’s close during which time real yields are unchanged.
  • It remains elevated at 2.86% but is back towards average levels seen since March and with a similar sized retreat in the 5Y5Y breakeven to 2.42% - well above the 2% target but moving in the right direction for the FOMC.

US 10Y nominal yield (white), breakeven (white) and 5y5y forward breakeven (purple), plus 10Y real yields (green)Source: Bloomberg

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