⚖️🔺February Saw 2-Yr Yield Rise The Most Since June: Cable FX Macro

• 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