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USTs have been under pressure on the back of intensifying concerns about inflation which have unsettled equity markets and caused sovereign bond curves to bear steepen.
- UST cash yields are 1-3bp higher with the curve 1-2bp steeper. Last yields: 2-year 0.1568%, 5-year 0.7950%, 10-year 1.6182%, 30-year 2.3474%.
- TYM1 trades at 32-15+, towards the bottom end of the day's range (L: 132-12+ / H: 132-23+)
- There have been a slew of Fed speakers hitting the wires this afternoon. The San Francisco Fed's Daly stated that the modal outlook is positive, while the Atlanta Fed's Raphael Bostic stressed that the recovery still has a long way to go and that policy should remain accommodative.
- The latter was reiterated by James Bullard who stated that it was too early to discuss tapering.