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10Y Real Yields Highest Since May 2020

  • Powell has added to an already large sell-off in GoCs, led by 5Y-10Y tenors.
  • The 10Y yield up 13bps at 2.319% is the highest since Nov-2018, 4bp of which came post-Powell.
  • This move has been matched almost 1:1 by the increase in 10Y real yields, up to +6bps and the highest since May-2020.
  • Whilst not sufficient to dampen the inflation breakeven, it has at least helped see some stabilisation, with the 10Y breakeven little changed on the day at 2.19%.

10Y nominal (white), breakeven (yellow) and real (green)Source: Bloomberg

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