📝 See 2s/10s Curve Inversion Reaching 40Bp: BMO

Looking at a case for a deeper inversion of the Treasury yield curve; -40 bp in 2s/10s will be breached before the curve revisits positive territory. Any steepening associated with expectations for QT to have a sustainable impact on the shape of the curve will be short-lived.10-year yields will struggle to retest the cycle highs of 3.50% as the broader curve continues to be defined by the combination of policy and the global macro outlook.- BMO Capital Markets