February saw treasury yields rise across the curve while the preceding steepening stalled. The policy-sensitive end of the curve rose 41.2bps on the month, the largest increase recorded since June, the 2-year yield is now reading 4.554%
Another sizeable move was seen in the belly of the curve as the 5-year yield jumped by 37.3bps, among the largest in the February G10 sovereign debt space
Looking beyond Treasuries, we noted Japan's front end offered on a BoJ repricing, JGB 2-year yield rose 10.9bps to 0.167%, this was the largest upward move since March 2020
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