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Inflation Breakeven Unchanged As Real Yields Drive Sell-Off

US TSYS
  • 10Y real yields continue to move higher today, accounting for nearly all the rise in nominal yields (+7bps) on a day that mortgage rates were shown to hit new highs since 2009 as the impact on the real economy continues.
  • This goes against the past three sessions where Treasuries rallied amidst large declines in inflation breakeven rates.
  • Instead, the 10Y and 5Y5Y breakevens are unchanged at 2.88% and 2.45%, elevated but down almost 20bps from Fri highs.
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