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Bear steeper curve

US TSYS SUMMARY

US Treasuries have traded in tandem with EGBs, trading lower on the early risk on tone.

  • 5/30s continues to claw back some of the flattening bias we saw going into Feb Month end.
  • Curve sits bear steeper inline with EGBs and the UK curves.
  • Some short reductions positioning has been noted in the longer end.
  • Looking ahead, notable data are US ADP and ISM services. US PMIs are final readings so unlikely to move the needle.
  • Fed speakers include Harker, Bostic and Evans, as well as the Beige book release.
  • 2y yields up 0.4bp today at 0.127%
  • 5y yields up 3.8bp today at 0.699%
  • 10y yields up 5.0bp today at 1.443%
  • 30y yields up 4.4bp today at 2.238%
  • 2s10s up 4.6bp today at 131.6bp
  • 10s30s down -0.6bp today at 79.5bp

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