⚖️FOMC Day: 2s10s Off Session Lows, 3M10Y Rises

• The inversion between the 2-year and 10-year yield ended the Wednesday session at 22.2bps, this is still lower than yesterday's close but a recovery from session lows. The 3mo10y yield differential recovered to 45.1bps, up from the lows of 19.0bps seen on Monday. On the day, 2s10s were down 1.2bps, 3mo10y up 19.1bps

• The difference between the FFR and the 10-year yield headed into the July FOMC meeting at 103bps, this is way off the highs seen back in mid-June. The spread is now closer to its 5-year average, the metric was ticking almost two standard deviations above its historic average