⚖️🇺🇸U.S. 2-Year Yield Posts Two-Sigma Day, Falling 50Bps: Cable FX Macro

• The front-end of the Treasury curve has seen bids taking yields sharply lower, the move is now recording about 42bps to the downside, 50bps at session lows

• 2-year yields move translates into a two-sigma day, most of the curve is recording downside above one standard deviation

• This is also reflected in 2s10s steepening of 38 basis points, a 3-standard deviation move, looking back at a 3-month daily history