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10s Through The 2% Mark As Real Yields Jump

US TSYS
  • 10Y Treasury yields in the past few minutes have gone through the 2.00% mark for the first time since August 2019. Last printing 2.0136%, up 7.2bp on the day.
  • Notably, the move today has been driven mainly by real yields despite the above-expected January inflation print.
  • 10Y Breakevens up only 2bp on the day, meaning real yields are up over 5bp and look soon to test the recent high of -0.4557 (last -0.4568%). Above that would mark the highest real yield since June 2020.

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