⚖️🇺🇸Treasuries Recover Slightly, 5-Yr Down 9Bps: Cable FX Macro

• We’re noting a retracement of the recent Treasury slide, the curve steepens with wider moves seen in 2s30s and 5s30s. The 2-year yield is down 8.3bps on the day to 4.389%, the 5-year yield is lower by 8.8bps to 4.033%

• Despite the declines, the prior two-day moves record the 5-year yield rising 30.6bps, the 30-year jumped 20.9Bps. Tuesday session is showing a slight recovery in Treasuries, however, moves are relatively contained

• Monday alone recorded 2.0 standard deviation upside moves in yields (1-month history)