⚖️❗️U.S. 10-Year Yield Drops For Third Consecutive Month In July: Cable FX Macro

• The benchmark U.S. Treasury 10-year yield recorded a third consecutive monthly drop in July, such a streak has not been seen since 2021

• U.S. Treasury curve steepened further in July as 2s30s are now fully un-inverted at 9bps

• The 10-year yield is now at the lowest level since February, below 4.0%

• The recent trend is a reversal of what we saw last year, rates were offered and yields rose nonstop from May to October 2023