US Treasuries pared their weekly advance in a low-volume, holiday-shortened session Thursday, with long-maturity yields rising most amid a rise in oil prices that boosted inflation expectations.
The yield curve steepened notably, with the 30-year exceeding the five-year by nearly 90 basis points, aided by a large trade in Treasury futures. Curve-steepening in European bond markets after the European Central Bank’s rate decision, and US President Donald Trump’s broadside against Fed Chair Jerome Powell contributed as well.
The 30-year yield rose as much as seven basis points, exceeding Wednesday’s high, and remained near session highs. A large
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