SCHQ - Rate Shock Pandemic Spreading

• Over the past seven months, US ten-year Treasury prices (the flip side of yields) have seen their third-largest drawdown of the last century.
• The US thirty-year bond at 2.59% (up from 1.20% in July 2020) is lower than the 20-year as the curve has inverted at 30-20, 3-10 and 5-10 terms.
• Central banks can talk up further tightening plans, but the bond market has already done their work.

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