**As seen in Macro Walk report 05/12/23, subscribe at cablefxm.co.uk/reports
Over the last month, the German curve has steepened the most, the 10.8 basis points move has sent the spread between the 2-year and 10-year yields to invert by 31 basis points. The German Bund curve inversion is now off the 68 basis points lows seen back in March
The U.S. Treasury curve is relatively unchanged as the spread between the 2-year and 10-year yields remains inverted by 52 basis points
Australian curve flattened the most over the last month, AUGB front-yields tick higher than the 10-year yield by 15 basis points
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