End of June & PCE release!
Yields extended slightly lower on the heels of data that came in a little below expectations, including tepid consumption and below consensus deflators. Some month- and quarter-end jockeying is adding to the action. The front end continues to outperform with the 2-year rate now 10 bps lower to 2.94%, with the 10-year off 8 bps to 3.007%. The bull curve is steepening fractionally out 1.5 bps to 6 bps. European sovereigns are still leading the rally to close out the first half of the year. Stocks remain sharply lower with US futures down more than -1%, while European bourses are -1.8% to -2.4% in the red. The DXY dollar index is at 105.40, just off the 105.54 intraday peak. Oil prices are lower too, with WTI down -0.35% to $109.37 per barrel.
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