The differential in short-term rates between Bunds and Treasuries jumped to -164 basis points, this is the highest since early February and erases the declines seen preceding the invasion of Ukraine
Rate spreads in the two-year yields had seen a widening in favour of the U.S. for most of last year, the difference reached -277 basis points in August. Since then, a decline in U.S. Treasury yields has pushed the spread higher by about 113 basis points
The move in rates might be filtered into support for the euro. Also, money markets have added ECB hawkish bets since last week
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