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Real Yields Leading Rally

US TSYS

The sharp 28bp drop in US 5Y Tsy yields today is made up of a 30bp drop in 5Y real yields, and a 2bp increase in inflation breakevens.

  • This comes as Fed terminal rate pricing is further priced out following the weak ISM (peak seen at just under 4.4% in March, down 13bp).


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The sharp 28bp drop in US 5Y Tsy yields today is made up of a 30bp drop in 5Y real yields, and a 2bp increase in inflation breakevens.

  • This comes as Fed terminal rate pricing is further priced out following the weak ISM (peak seen at just under 4.4% in March, down 13bp).


Keep reading...Show less