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2Y German Yield Nears Record Drop, But US Curve Disinverting More

BONDS

The US curve continues to dis-invert as the short end rallies. 2s10s blowing through Tuesday's levels and back to the least inverted since late October, 27bp steeper on the day - see chart. This is very much a bull steepening move with US 2Y yields falling as much as 54bp.

  • We'd highlighted re-steepening in both the German and US curves earlier in the session. German 2s10s are now up 19bp, driven but still 9bp shy of Tuesday's least inverted levels (-21bp) - the latter in spite of what would be a record drop (50bp) in 2Y yields seen at one point today.


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