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2s & 5s See Comprehensive Break Of Late Mar Lows, 10s More Hesitant

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The curve bull steepens in the wake of the unequivocally soft CPI reading and previously covered dovish Fed repricing, leaving yields 7.5-12.5bp softer on the day.

  • 2-Year yields have broken comfortably below their late March lows (flagged yesterday), showing sub-4.50%, switching bond bulls’ focus to the Mar 8 low (4.4046%).
  • 5s see a similar move, while 10s are more hesitant to follow through after breaching their own late March low.
  • 30s sit 7bp above their June low.

Fig. 1: U.S. 2- & 10-Year Yields (%)

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The curve bull steepens in the wake of the unequivocally soft CPI reading and previously covered dovish Fed repricing, leaving yields 7.5-12.5bp softer on the day.

  • 2-Year yields have broken comfortably below their late March lows (flagged yesterday), showing sub-4.50%, switching bond bulls’ focus to the Mar 8 low (4.4046%).
  • 5s see a similar move, while 10s are more hesitant to follow through after breaching their own late March low.
  • 30s sit 7bp above their June low.

Fig. 1: U.S. 2- & 10-Year Yields (%)

Keep reading...Show less