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UST Curve Bull Flattens, Dollar Index Marches Higher

US

USTs have rallied through the day and the curve has bull flattened with most of the early gains retained. This came on the back of a weak session for European equities and broad gains for the dollar.

  • Yields are 1-3bp lower with the curve 2-3bp flatter on the day. Last yields: 2-year 0.2447%, 5-year 0.8702%, 10-year 1.4376%, 30-year 2.0566%.
  • TYU1 has traded up to 132-17, just off the 132-18 high for the day.
  • The MNI Chicago PMI dropped to 66.1 in June, below the 70.0 consensus poll and marking the weakest print since February.
  • The Fed's reverse repo facility saw record usage of USD992bn tying in with quarter-end.
  • Looking ahead, tomorrow sees the release of jobless claims data and the latest ISM manufacturing update for June.
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