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Fed Funds Rate > 2Yr Treasury Yield?

US TSYS

With the 2-Yr Tsy yield hitting a low of 0.1073% today, we're not quite at the May 8 low of 0.1032% (per BBG data). But in May, effective Fed Funds was trading 0.05%, and now we're at 0.10% - meaning we're within a whisker of EFFR > 2-Yr yields. While such inversions have happened before, this would be the first time the curve has ever inverted in this way while the Fed is at the lower bound. See chart:


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