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10Y Real Yields Fall Below Recent Range

US TSYS
  • 10Y Tsy yields have retraced the further bid after the strong 20Y auction but still see a solid 5bp rally on the day.
  • It’s led almost entirely by lower real yields, with the 10Y real at 1.38%, breaking below the recent range to the lowest since early October in an easing in financial conditions.
  • The 10Y breakeven is little changed on the day (-0.5bp) but maintains a broad downtrend to 2.35%, down ~15bps since just prior to the Nov 2 FOMC decision despite real yields on balance moving lower (a roundabout trip having spiked to ~1.75% shortly after the decision).


10Y real yields (white) and 10Y breakeven (yellow)Source: Bloomberg

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